Trump‘s Board of Peace said mulling stablecoin for Gaza efforts: FT
Summary
A source revealed that the board is considering a new stablecoin aimed at enabling digital transactions for Gazans, potentially transforming the region's financial landscape. This initiative could enhance economic opportunities and streamline digital commerce in Gaza.
Key Insights
What is a stablecoin, and how would it function in Gaza?
A stablecoin is a cryptocurrency pegged 1:1 to a stable asset like the U.S. dollar to minimize price volatility, enabling reliable digital transactions. In Gaza, the proposed dollar-backed stablecoin would facilitate aid payments, salaries, remittances, and commerce where traditional banking is disrupted by war, without replacing the Palestinian currency.
Sources:
[1]
What is the 'Board of Peace' and who is leading the stablecoin initiative?
The Board of Peace is a U.S.-led body, linked to President Trump and chaired by Jared Kushner, focused on Gaza's postwar reconstruction. The stablecoin project is led by Israeli tech entrepreneur Liran Tancman, an unpaid adviser to the board, with involvement from Gaza's technocratic government and others.
Sources:
[1]