Asset manager WisdomTree plans to launch its own regulated stablecoin in the US
January 13, 2020, 6:40AM EST
1 min read
Traditional asset management firm WisdomTree Investments, with over $60 billion in client assets, plans to launch its own regulated stablecoin in the U.S.
The stablecoin will be pegged to a basket of assets, such as gold, fiat currencies or government debt, according to a report from Financial News London on Monday.
WisdomTree wants the Securities and Exchange Commission (SEC) to approve and regulate its upcoming stablecoin. It is not clear if the firm has initiated talks with the regulator; it declined to comment on the news source.
The asset manager seems to bet big on blockchain and cryptocurrencies. Just last month, it launched a bitcoin exchange-traded product (ETP). The ETP is listed on Switzerland’s primary stock exchange SIX and allows investors to gain access to bitcoin without the need to hold it directly.
Last week, WisdomTree also led $17.65 million Series A round for security token startup Securrency.
WisdomTree aims to get ahead of rivals BlackRock and Fidelity Investments in the digital currency space, per Monday’s report.