Coinbase Works On A New Version Of Stablecoin
Coinbase CEO Brian Armstrong shared plans to develop a new type of stablecoin, which he called flatcoin.
In an interview for Yahoo Finance, he revealed that the exchange is interested in the next generation of stablecoins. Armstrong highlighted the exchange has not yet started development. The main difference between flatcoin and stablecoin is that the new version of stablecoin is backed by the Consumer Price Index (CPI).
The concept is nothing new. In April 2022, Frax Finance launched the Frax Price Index (FPI) stablecoin, tracking the Consumer Price Index (CPI). However, flatcoins have not gained much momentum. Notable industry figures such as Brian Armstrong, former Coinbase CTO Balaji Srinivasan and Ethereum creator Vitalik Buterin have all discussed the concept on social media.
According to Armstrong, flatcoins are a better form of money in the crypto space compared to stablecoins. He believes that this concept can solve the current problems in the financial market.
Recently, Armstrong has been more vocal about the state of cryptocurrencies in the United States. He claimed that the government does not fully understand the impact of the crypto industry in the country. He is confident that most voters will ask candidates questions about their stance on cryptocurrencies.
Balaji Srinivasan Brian Armstrong Vitalik Buterin Coinbase Exchange
