The White Company and Fintech Ltd have partnered to provide Stellar platform users with the ability to perform foreign currency transactions through a new tranche of stablecoins called the White Standard.
A recent press release describes how Fintech’s Interstellar decentralised exchange (DEX) platform will integrate with The White Company’s newly developed White Standard Stablecoins to enable USD, GBP and Euro fiat deposits and withdrawals.
In doing so, it will be the first Stellar DEX-based exchange and wallet to provide this facility.
FIAT DENOMINATED STABLECOINS
The two new Stellar-powered stablecoins – WSP (GB Pound) and WSE (Euro) – will join the existing WSD (US Dollar) and will be fully-backed, it is claimed, by secure reserves of each respective fiat currency and hold a 1-to-1 exchange value.
Users will deposit USD, GBP or Euro via The White Company and receive WSD, WSP or WSE with no fees incurred.
These stablecoins can then be traded for Stellar’s native XLM currency, as well as other cryptocurrencies and tokens such as BTC, LTC and ETH. Traders who wish to redeem the stable coins will need to provide their bank account information where they can receive a US domestic ACH, European SEPA or international wire transfer.
Unlike the controversial competitor Tether, The White Standard Stablecoins publish certified daily reports of the balances on deposit and a third-party administrator verifies and audits a monthly report.
While the White Company provides the stablecoins it is Cameroon-based FinTech Ltd who have developed the Interstellar trading exchange.