A former adviser of Donald Trump's campaign Stephen Moore has decided to go riot and launch his own stablecoin called Frax to compete with central banks, the Fortune reports.
According to the media outlet, Moore with his colleagues will announce plans for the coin later on Tuesday. The stablecoin will be pegged to the U.S. dollar.
Moore is convinced that stablecoin in the current world of digitalization is nothing else than an important alternative to state-backed money.
"I’ve followed monetary policy for 30 years and always been troubled by the government monopoly on currency, which is unhealthy for markets. It’s very healthy for private competitors to challenge central banks over the money supply," Moore said.
Moore founded Frax with Sam Kazemian, a founder of a Wikipedia clone on blockchain tech.
It's expected that Frax will be launched in the upcoming months.
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