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Donald Trump’s ex-nominee for Federal reserve is launching a stablecoin – Cryptocurrency News

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Ryan Asher
Ryan Asher
A post-graduate in business administration from Rutgers University, Ryan love to express his thoughts in writing. Ryan entered the crypto space by selling his car back in 2013 and investing the money into bitcoin. Apart from writing, Ryan loves to travel and believes that bitcoin is helping him fulfill his dream of traveling across the world.

President Donald J. Trump's former pick for the Federal Reserve, Stephen Moore, is partnering with former Reagan deputy general counsel Ralph Benko and Everipedia co-founder Sam Kazemian to launch a new stablecoin called Frax. And Frax will not be backed one to one by a U.S. dollar reserve.

Stephen Moore, who was nominated by President Donald Trump earlier this year to join the Federal Reserve, is now getting ready to launch a stablecoin. He is teaming up with former Reagan deputy general counsel Ralph Benko and Everipedia co-founder Sam Kazemian to launch the cryptocurrency project.

Frax will not be backed one to one by a U.S. dollar reserve. Instead, the reserve will be loaned out and generate interest to ensure that the value of Frax stays close to one dollar. Moore said Central banks would soon feel the competition from private currencies such as Frax. The days of the government monopoly of currencies by central bankers are coming to a screeching halt, he added.

Stephen Moore would serve as the co-founder and chief economic officer of Frax. Moore has also served as a campaign adviser to Trump. Earlier, Trump’s former adviser, Steve Bannon, also tried to launch a cryptocurrency.

Disclaimer: Coinnounce's views are not necessarily reflected in the articles published, and they are the sole representation of the author's opinions. Article's information should not be taken as investment advice. Risks are involved in cryptocurrency investments and trading. Readers are urged to carry out extensive research before making a decision.

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