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The system will include an analysis of up to 20 stablecoins based on the quality of attestations on the reserves backing them. However, the project is still in early stages and won’t represent an official credit rating, someone with knowledge of the plan said.
Banks and traditional financial institutions have become more interested in stablecoins as a means for tapping into distributed ledger technology. Some chose to develop their own tokens, such as JPMorgan’s JPM Coin for internal payments which launched in 2019.
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