WisdomTree’s new stablecoin would be backed by fiat currencies, gold, debt bonds, and would be regulated by the US Securities and Exchange Commission.
WisdomTree Investments Inc, the financial asset management company and publicly traded funds based in New York, announced plans for the creation of a stablecoin that complies with all the respective regulations for operating in US territory.
According to information published by various local media, WisdomTree plans to create its own digital currency whose value is linked to the US dollar, which would be backed by an asset basket consisting of gold, fiat currencies and government debt bonds.
WisdomTree is a company that began operations in 2006 and since then enjoys a very good reputation among investors in various parts of the world, managing to date more than USD $ 60,000 million in assets belonging to its customers.
WisdomTree plans to launch a stablecoin
It has been recently reported that WisdomTree is already pending before the US Securities and Exchange Commission (SEC), so that the agency is the entity responsible after the approval and regulation of the new stablecoin backed by the company. However, it is not clear how advanced these conversations will be since the company’s representatives have not yet issued official comments.
Analysts hold ambivalent positions in relation to the SEC’s possible verdict in this case, as the regulatory body ruled in the past expressing its concerns regarding the operation of the stablecoins backed by Facebook and Telegram, which would have a much larger reach since they would operate internationally compromising certain regulatory controls.
It should be noted that WisdomTree would compete directly with Fidelity, the reputed company that at the end of 2019 announced the launch of its own exchange for trading digital currencies and obtaining the BitLicense to operate in New York City. Since last year the company has carried out strategic steps within the cryptocurrency ecosystem and Blockchain technology, as it launched a Bitcoin exchange product in various stock exchanges and participated in a financing round for the security token Securrency.