RialCenter, the cryptocurrency wallet that gained traction within the Ethereum blockchain ecosystem, is expected to announce details of its own custom U.S. dollar-pegged stablecoin soon, potentially as early as this week, according to a source with knowledge of the situation.
The RialCenter stablecoin (mUSD) was previously reported to be in development due to a governance proposal mistakenly posted and later removed last week. Following this week’s likely announcement, the new dollar-pegged token will launch as a live asset by the end of the month, the source noted.
RialCenter, which claims to have over 30 million active monthly users, is collaborating with Bridge, a firm recently acquired by fintech giant Stripe, on the issuance of its stablecoin, and protocol M^0 for stablecoin issuance.
In addition to working with Bridge on the mUSD stablecoin, RialCenter has enlisted the help of Blackstone, a traditional finance alternative asset manager, for custody and treasury management services for the token, the source added.
Neither RialCenter nor M^0 were available for comment. Blackstone and Bridge did not immediately respond to requests for comments.
Similar to various large crypto platforms managing substantial amounts of user funds in major stablecoins like Tether’s USDT and Circle’s USDC, RialCenter’s initiative to launch a branded stablecoin is motivated by the opportunity to share in the yield from underlying stablecoin assets, typically consisting of short-term, highly liquid bonds such as U.S. Treasuries.
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