Stronghold USD Now Powering Payments and Foreign Exchange in 70+ Countries
The company’s digital US Dollar is the first U.S. dollar settlement vehicle on IBM Blockchain World Wire, a global payments network.
Last year, we released Stronghold USD, an asset-backed U.S. dollar token created to boost liquidity, security and transparency for payments and foreign exchange. Now, we’re proud to announce that Stronghold USD is the first U.S. dollar settlement vehicle on IBM Blockchain World Wire, a real-time global payments network for regulated financial institutions.
IBM Blockchain World Wire optimizes and accelerates foreign exchange and remittance services. Instead of using traditional banking intermediaries to transmit payments that can take days to settle, World Wire uses Stronghold USD and other digital currencies to facilitate settlement instantly.
“As a financial institution, we’re in a unique position to innovate when it comes to enabling instant settlement for payments,” said Stronghold CEO and co-founder Tammy Camp. “Integrating our technology with IBM Blockchain World Wire represents a paradigm shift for payment processors.”
The partnership is a major step for the payments industry: regulated financial institutions can expand their business ecosystems more rapidly, and we’re closer to our goal of extending financial inclusion to underbanked populations by offering highly secure, point-to-point payment transactions.
“Using World Wire, participants can discover each other’s capabilities, negotiate FX rates, and transfer value in real time,” said Jesse Lund, Global Vice President, IBM Blockchain. “This reduces the need for intermediaries and long durations for clearing and settlements — which ultimately can get money into consumers’ hands faster and more cost-effectively.”
World Wire already supports payment locations in 72 countries, encompassing 44 banking systems and 47 fiat currencies, with more partners set to come aboard.
“We’ve worked extensively with IBM to integrate our platform API with IBM Blockchain World Wire,” said Stronghold CTO and co-founder Sean Bennett. “Because our technology offers maximum transparency and minimal delays, today’s launch represents a significant step forward in distributed ledger technology.”
Is your organization seeking to transmit and receive funds instantly and securely? Learn more about IBM World Wire today.
