After two years of progressive development, Public Mint finally launches its fiat-native public blockchain on July 1st.
The blockchain platform is backed by a bank network and helps anyone tokenize any fiat currencies, whether the users have a bank account or not.
During its launch, Public Mint confirmed that it has a backing of over 200 banks that hold the funds of its fiat token network. It did not further reveal its banking partners’ details though IBM Digital Asset Labs and Hyperledger are part of the supporters.
Currently, the network only supports US dollars though it plans to roll out to other currencies with time. Any company that uses Public Mint can accept payments made through credit card, wire transfer, or ACH payment.
The blockchain of Public Mint is more or less like that of Hyperledger Besu only that it uses a different consensus mechanism and uses fiat-based fees.
Public Mint was created to facilitate all kinds of DeFi style applications, even those that are fiat-powered. This is according to the co-founder Halsey Minor. Minor has also co-founded CNET and VideoCoin Network. VideoCoin, which is a decentralized video media platform, has a partnership with Public Mint.
The genesis of Public Mint was to allow regulated banks to hold funds which could then be tokenized or ‘minted,’ allowing for the creation of applications and business processes around money without actually moving money between banks.
Apart from getting support from banks, Public Mint also has the support from many players of the distributed ledger technology (DLT) sectors. Hyperledger’s director Brian Behlendort expressed he is looking forward to seeing Public Mint solve the challenges faced with programmable currency and smooth transfer of funds.
At Hyperledger, we are looking forward to see Public Mint tackle the challenges of programmable currency and frictionless transfer of funds,” Brian said. “By building its solution atop Hyperledger Besu, Public Mint is playing a valuable role in advancing the development and deployment of the newest Hyperledger DLT,
Nitin Gaur, who is the director of IBM Digital Asset Labs, added,
In close cooperation with Banks and Trust companies and compliant to regional and global regulations, Public Mint is addressing that initial promise so that all enterprises, from traditional well-established companies to new and innovative DeFI startups can pave the way for the rise of digital assets.
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