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.