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A stablecoin race is taking off as players want early-mover advantages

The news: Financial institutions (FIs), crypto projects, and other entities are racing to launch their own stablecoins as hype over the asset class explodes.

  • The Trump family-backed crypto venture World Liberty Financial launched a stablecoin called USD1, per a press release. It worked with BitGo on the launch of the stablecoin, which will soon go live on the Ethereum and Binance Smart Chain networks.
  • Fidelity is also reportedly preparing to launch a stablecoin, per the Financial Times. The asset manager is in advanced stages of testing the coin.
  • Custodia Bank and Vantage Bank partnered to launch the Avit stablecoin, which they claim is “America’s first-ever bank-issued stablecoin” on a permissionless blockchain.
  • The state of Wyoming is also making steps to launch a stablecoin, the WYST token, with aims for a July roll-out.

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