Stronghold USD, a Stellar-Based Stablecoin, Targets Businesses and Financial Institutions
Stronghold, a cryptocurrency trading platform housed by Stellar was a big name in the crypto ecosystem. However, they seem to have moved from their original mission, and Stronghold increasingly looks like just another stablecoin.
As an exchange, Stronghold acted as a Stellar network anchor, a consigned actuality that holds securities and issues corresponding credit for these deposits. Anchors allow Stellar’s users to bridge the gap between networks, as any currency (fiat or crypto) can be represented as a credit on the network and traded accordingly.
Stronghold USD acts as an anchor for Stellar’s network. Supported by Stellar’s blockchain, it is issued and transacted on the network, and users are able to liquidate their Stronghold USD through Stronghold’s exchange or Prime Trust.
Stronghold offers a personalized service for clients and institutions that desire large block digital asset trading. The platform supports over the counter trading system, where it offers secure, two-sided transaction for most digital assets and tokens.
A team of professionals oversees the entire process and most trades are settled on the same day. Supported digital assets include Bitcoin, Ethereum, and customized transactions. The platform supports most digital assets and tokens.
They recently announced that they are ready to integrate with Facebook’s proposed payments network to access liquidity and fiat on- and off-ramps. The announcement read:
“Libra may be accessed in multiple ways; developers may connect to its official testnet, a private testnet, or via Stronghold’s proprietary testnet. Before Facebook launches Libra, Stronghold customers who want to explore using the protocol and currency may do so via our platform API, which provides a consistent development experience for interacting with distributed ledger technologies, traditional databases, and multiple payment systems.”
To support transaction scripting and smart contract authoring on the Libra Blockchain, Facebook developed Move, a new programming language. However, Libra’s testnet does not currently support running and deploying custom Move code, which impedes businesses’ ability to experiment and explore potential uses.
There are other issues too. Like many other stablecoins, Stronghold is accused of being too centralized. Decentralization maximalists might not be too keen on the project, especially given that their only advantage is regulatory compliance.