Stable.com, a fintech firm co-founded by Jack Jia, a former Consensys employee, is preparing to launch a groundbreaking stablecoin called USD3. This stablecoin has been developed with a focus on a programmatic layer, and it is set to be available on Ethereum, Polygon, Avalanche, and Linea.
The primary objective of USD3 is to provide developers and businesses with an interoperable method for transactions and simplified integration with decentralized applications (DApps).
In an interview with Cointelegraph, co-CEO Jack Jia shared insights into the security measures that Stable.com is implementing to ensure the trustworthiness and security of USD3. He also discussed the potential risks and challenges associated with launching a stablecoin in the current market conditions. Jia’s concerns align with those of Agora CEO Nick van Eck, who recently cautioned that yield-bearing stablecoins face a higher risk of being classified as securities rather than stablecoins or money.
Cointelegraph also inquired about how USD3 aims to address the common issues encountered by other stablecoin projects. This development in the stablecoin sector comes after Dan Romero, co-founder of Farcaster, advocated for a stablecoin payments app specifically designed for freelance workers in the United States. Romero proposed this solution after Venmo raised its transaction fee rate, affecting freelance workers who are subject to the U.S. Internal Revenue Service Form 1099.
In other news, the Web3 Gamer magazine highlighted the challenges faced by developers who quit after Torque Drift 2 integrated cryptocurrency, along with the significant issue with MetaFighter.