WisdomTree Mulls Launching Stablecoin in US

WisdomTree, a New York-based asset management company, seeks to be one of the first US financial companies to offer a stablecoin linked to the US dollar.

William Peck, corporate-strategy director, said the move is part of the company’s efforts to expand its business in exchange-traded funds (ETFs).

“We absolutely see a market within the existing crypto-native community, transacting digital assets today. This is positioning us to be a leader in fast-evolving crypto markets,” Peck said.

In 2019, Swiss Exchange witnessed WisdomTree adding an exchange-traded product to provide customers with exposure to Bitcoin.

The company seeks to obtain the approval of Securities and Exchange Commission (SEC), to avoid any troubles with the regulator like the one faced by similar projects such as Facebook’s Libra.

Jonathan Steinberg, chief executive officer, said he hopes his company would receive an approval from the US market regulator as soon as possible to become one of the first the financial companies to offer such a product.

“We came to ETFs 13 years after State Street. This gives us an opportunity to be ahead of the State Streets and Fidelitys on regulated stablecoins,” he said.

Last December, State Street Corp. has partnered with the cryptocurrency exchange Gemini to introduce a new digital asset pilot.

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Rabea Maguid 551 Articles
Rabea Maguid is a journalist completely obsessed with crypto industry. He holds B.A. from Al-Azhar University, and has a background in journalism and economics. Rabea Maguid likes to think about the future in a positive way, and sees blockchain as a potential driver of deep societal change.