Blockchain.com, one of the largest crypto wallet services providers is weighing up a potential partnership with a stablecoin company later this year, according to its CEO, Peter Smith
Speaking in an interview with TheBlock, Smith deliberated on the growing number of stablecoin projects and why he expects the market to become “interesting” in the coming years. He also added that his firm will make a “move in there soon” by partnering with a stablecoin project and possibly add a wallet for anyone they link up with.
In his exact words, Smith expressed optimism that many stablecoin issuers will be happy to have blockchain.com on board.
“I think all major stablecoin projects at the moment believe they need us. The question is which one do we decide that we need?” he noted.
Blockchain.com Likely To Partner With Paxos Standard (PAX)
Although the CEO refused to give the exact details of which project they will partner with, earlier reports and his recent comments showed that Paxos Standard (PAX), a stablecoin which launched last year is a prospect.
“Currently the stablecoin being used the most, outside of Tether, which everyone forgets, is Paxos. Paxos has the most trading volume and the most liquidity and the biggest outstanding number…[But] they don’t have a prime retail partner to carry their brand right now,” Peter Smith said in the interview.
At press time, Paxos (PAX) had a market cap of $140,396,744 and is the fourth most widely used stablecoin after Tether (USDT), Circle (USDC), and TrueUSD. If the partnership goes through, Paxos will likely acquire new users in the form of the 30 million active wallet users on blockchain.com.
Adding support for a stablecoin will bring the number of crypto wallets offered on blockchain.com to five. Before now the firm supports, Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH) and recently added support for Stellar (XLM).
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