dPLN, which we have already written about, unfortunately, it is unlikely to arise. It turns out, however, that another Polish team is working on stablecoin. Fiat Based Token is expected to see the light of next year.
According to the CEO of the Fiat Based Token team, Sonia Targosz, the project consists of people who have long been involved in the cryptocurrency market in Poland. However, she does not give specific names of team members yet. Apparently, it includes experienced lawyers, bankers, startups and marketers who know the topic of digital currencies well.
Token for smart-contracts
Fiat Based Token is designed for many purposes. Sonia Targosz does not reveal all the details. It is known that the token is to be a currency for smart-contract settlements, but also a kind of … loyalty point.
The whole system is to be accompanied by a mobile application, which is to act as a personal account. Each of its users will be able to send free and express transfers thanks to it or settle the mentioned smart contracts. The whole is to be completed by the card payment option.
Tokenized fiat money will be produced within a financial institution, so – according to the developers – there will be no question of the lack of currency coverage.
The ICO of the project is scheduled for the first quarter of next year. The whole, however, is to be financed not only by means of this measure. Targosz emphasizes that alternative sources of fundraising are also possible.
Does it make sense?
A certain threat to the project are the current problems of Tether, or the most famous stablecoin. We can, however, recognize that the decrease in confidence in this token will not translate into a similar effect on the entire market. It remains to wait for further information from the FBT headquarters.