IBM and Stronghold launched Stronghold USD, a dollar-backed stablecoin on Stellar, enabling businesses and asset managers to conduct faster, cheaper cross-border payments and foreign exchange settlements.
IBM and Stronghold have partnered to launch Stronghold USD (USDS), a stablecoin pegged 1-to-1 to the U.S. dollar on the Stellar blockchain. Users deposit dollars with Prime Trust and receive tokens in equal value. IBM's blockchain VP Jesse Lund stated the token enables frictionless payments and foreign exchange between companies, while Stronghold CEO Tammy Camp highlighted its use for trading and settlement. Initially targeting businesses and multinational companies, retail access is planned for the coming months. The partnership positions stablecoins as alternatives to traditional payment methods like wire transfers and credit cards.