The next version of digital currency is here. According to Troy McCrery, Senior Vice President of Retail Banking with Fortress Bank, stablecoin is backed by the U.S. dollar:
“It is not like Bitcoin, which is volatile and has no backing, stablecoin is actually backed by the U.S. dollar. It is kind of like when we were on the gold standard back in the 60s, where the dollar was backed by gold, stablecoin is the next version of digital money, digital wallet, but this time it is backed by U.S. dollars,” explains McCrery.
“We are already getting our stablecoin platform and checking accounts set up for next year when it comes more in market and more user friendly,” McCrery adds.
Fortress Bank, which is located at 122 West Boston Avenue in Monmouth, first opened for business in 1904.
