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Public Mint Launches, Announces 200 Banks Are On Board

Public Mint launched its ‘fiat-native’ public blockchain on July 1 following two years of improvement.

The platform contains a blockchain for the tokenization of fiat currencies which are held within the accounts of insured and controlled fiat custodians — basically comprising a stablecoin backed by a community of banks.

Public Mint claims to have already partnered with a community of greater than 200 banks to carry the funds backing its fiat token community. Their web site doesn’t present additional particulars on banking companions, though Hyperledger and IBM Digital Asset Labs are named within the announcement as supporters.

Companies that use Public Mint can settle for cost by way of bank card, wire switch, or ACH cost. While the community solely helps U.S {dollars} at launch, the platform plans to quickly introduce different fiat currencies. 

Public Mint’s blockchain is a modified model of Hyperledger Besu that includes a special consensus mechanism and a fiat-based charges. 

Public Mint eyes nascent DeFi sector

Public Mint was co-founded by Halsey Minor, recognized for co-founding pioneering digital media agency CNET in 1993. He filed for chapter in 2013 however has since based the VideoCoin Network — a decentralized video media platform that has partnered with Public Mint.

In an announcement, Minor described Public Mint as facilitating fiat-powered decentralized finance-style monetary functions:

“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.”

DLT leaders again Public Mint

The platform seems to have already garnered help from main gamers within the distributed ledger know-how (DLT) sector, with Hyperledger’s govt director Brian Behlendorf expressing his pleasure “to see Public Mint tackle the challenges of programmable currency and frictionless transfer of funds.”

Nitin Gaur, the director of IBM Digital Asset Labs, said:

“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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