Key Takeaways
- MNEE will leverage the BSV blockchain to support rapid processing, capable of handling over 1 million transactions per second, with near-instantaneous transaction speeds.
- As a licensed and regulated custodian and issuer in Antigua, MNEE adheres to strict international standards, including rigorous AML/KYC policies, and will undergo regular audits to ensure transparency and reliability of its reserves.
- The new stablecoin is designed for a wide array of digital transactions, including microtransactions in online gaming, social media, and various Web3 applications.
- Set to launch on Handcash and RockWallet, MNEE will be accessible for minting by non-US institutional clients and available for trading to a wide user base, including retail users, merchants, and dApp developers.
MNEE announced plans today for the launch of a new USD-backed stablecoin, aiming to leverage the high scalability and low transaction costs of the BSV blockchain. The stablecoin, set to debut in June 2024, is designed to support a vast array of microtransactions, from online gaming to peer-to-peer payments, at unprecedented speeds.
The MNEE stablecoin promises a stable value of $1.00 USD, backed entirely by a mix of U.S. Treasury bills, cash reserves, and stablecoin equivalents. As a licensed custodian and digital asset issuer based in Antigua, MNEE adheres to stringent international regulatory standards, including full anti-money laundering (AML) and Know Your Customer (KYC) compliance. Additionally, the firm will undergo regular audits to provide an attestation of its reserves, ensuring transparency and reliability.
Savvas Rigas, CFO of MNEE, emphasized the burgeoning market for stablecoins, which is expected to swell from today’s $160 billion to nearly $3 trillion by 2028.
Ripple also recently announced its plan to launch a US dollar-pegged stablecoin on the XRP Ledger (XRPL) and Ethereum (ETH) blockchains, with plans to expand to additional blockchains and DeFi protocols and apps over time.
Rigas highlighted the demand for stablecoins that combine the quick processing of cryptocurrencies with the steady valuation of fiat money. “With MNEE, we are introducing what is arguably the fastest and most scalable stablecoin yet, setting a new standard in the sector,” Rigas said.
MNEE is the first stablecoin to be issued on the Tokenized protocol over the BSV blockchain, known for handling over 1 million transactions per second, and it will also be available on the ERC-20 protocol.
The coin features nearly instantaneous transactions with minimal fees, and can be subdivided to just $0.00001, making it ideal for a diverse range of applications including tipping, advertising, and subscription services.
The coin will initially be available on Handcash and RockWallet, platforms renowned for their user-friendly interfaces and broad Web3 integration capabilities. Alex Agut, CEO and Co-founder of Handcash, praised the upcoming release: “MNEE aligns perfectly with our vision of streaming money seamlessly across apps, enhancing the overall user experience in our Web3 ecosystem.”
James Belding, CEO and Co-founder of Tokenized, noted the stablecoin’s potential to broaden the utility of digital assets. “MNEE showcases our platform’s ability to support a wide range of digital assets and emphasizes our commitment to innovating in the stablecoin space,” Belding remarked.
Upon its launch, MNEE will be available for minting to non-US institutional clients and for trading on platforms like Handcash, RockWallet, and the more advanced RockWallet PRO.
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