TrustToken ICO And Other Stablecoin Developments

The fifth ICO to come off AngelList’s cryptocurrency spin off CoinList hopes to raise $61 million to develop a tokenization platform – TrustToken.

The company was successful in the past with their releases of Origin (sharing economy platform), Props (live-streaming), Blockstack (decentralized web protocol) and Filecoin (token for cloud storage).

However, they are probably best known for the stablecoin TrueUSD, which is looking to take over for Tether (USDT) as the most widely used USD-pegged coin. Through TrustToken, the company hopes to create similar stablecoins pegged to the Euro and Yen.

Tether Appoints New CCO

Leonardo Real will head up Tether’s push to clean up their reputation. The USD-pegged cryptocurrency has consistently taken flack for uncertain business practices and even being accused of directly inflating the price of Bitcoin.

Leonardo Real was the AML Quality Control Manager at the Bank of Montreal, but has officially accepted the position with Tether as Chief Compliance Officer (CCO). He is self-proclaimed longtime advocate of blockchain technology, and hopes to bring his passion for the industry to help Tether showcase a commitment to transparency and regulatory compliance. 

IBM Developing Stablecoin

IBM already uses the technology from Stellar (XLM) for internal payment processing. However, the company now announced it will partner with Stronghold USD “to experiment with ways for financial institutions and other organizations to achieve faster, safer and more efficient transaction processing and money transfer throughout the world’s economy.”

The American Department of Justice (DOJ) was given an executive order by President Trump to establish a “Task Force on Market Integrity and Consumer Fraud.” The group will replace the “Financial Fraud Enforcement Task Force” established under Obama.

The group will cover fraud “on the government, the financial markets, and consumers, including cyber-fraud …securities and commodities fraud, as well as other corporate fraud, with particular attention to fraud affecting the general public; digital currency fraud; money laundering, including the recovery of proceeds; health care fraud; tax fraud; and other financial crimes.”

Any further investigation into the relationship of Bitcoin’s price and Tether will likely be processed by this new task force.

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