The head of blockchain solutions for IBM, Jesse Lund, has hinted that bank-targeted stablecoins will be a significant forthcoming development for the tech giant’s blockchain-powered cross-border payments solution. Lund created his remarks throughout an interview on monetary news channel cheddar on March 15.

While additional details are set to be imminently proclaimed next week, Lund told cheddar that “market demand” is driving IBM to develop a stablecoin solution for monetary establishments.

“More than some banks round the world [...] see tremendous business benefit to issue stablecoins in their native fiat currency,” he said.

When asked however IBM’s solution compares to JPMorgan Chase’s forthcoming in-house, USD-backed “JPM Coin” stablecoin, Lund hinted that IBM’s solution would be “somewhere in between” JPM’s exclusive, closed network asset. He stated:

“It’s not a proprietary coin like JPMorgan’s solution, though i feel what they’re doing makes plenty of sense for them. [...] What JPM’s doing additionally adds tremendous validation to what we’re doing. however our view for stablecoins is actually that they must be additional broadly accessible and what World Wire seeks to do is to produce fungibility of digital assets across monetary establishments.”

IBM’s collaboration with Stellar (XLM) refers to “World Wire” and use of the network’s native asset in IBM’s cross-border payment network, BWW, (Blockchain World Wire).

Alongside BWW, that aims to leverage cryptocurrencies to alter close to real time international settlements between banks, IBM has additionally partnered with stronghold, a Stellar-based asset, to form the Stellar network’s 1st stablecoin.

As Top Market Group reported in February, Lund recently hinted at IBM’s interest in stablecoins as an important facet of innovating the cross-border payments landscape. Proposing that there ought to be an system of assorted digital assets that work as settlement instruments for cross-border payments, he suggested:

“It can be [...] XRP [...] it can be Bitcoin, however it'd also probably include different instruments, like stablecoins, and even eventually presently — hopefully — central bank-issued digital currencies.”

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