Stablecoins are the newest frontier in the crypto industry, and IBM is the latest company that wants to challenge Tether for market share. The computing giant is exploring the possibility of issuing a new stablecoin that will be pegged to the US dollar in a bid to provide an alternative to crypto volatility. IBM has been in the blockchain industry for years now, having partnered with several companies to launch blockchain solutions for supply chain management, cross-border payments, and healthcare. And now, the New York-based tech giant has set its sights on the stablecoin market.
Cryptos have continued to make inroads into the payment systems industry, with more merchants accepting them as a form of payment. However, volatility has continued to be a thorn in the flesh for cryptos, making many merchants shy away from them. Stablecoins have been developed to address this challenge, but many have failed to gather enough users, and those that have such as Tether have been riddled with controversy.