The move is aimed at instilling more trust in cryptocurrency and increasing its usefulness based on the technical advantages of blockchain, which is a decentralized, secure, and transparent ledger.

Stronghold is a financial institution building an asset-agnostic global payment and trade ecosystem. The Stronghold USD crypto-dollar, or stable coin, is federally insured by Signature Bank, a New York-based commercial bank. Update: Stronghold said it decided to go with Prime Trust instead.

Stronghold will use the Stellar Network's blockchain protocol to issue and transact Stronghold USD, while providing access to liquidity through its institutional exchange services and the custodial relationship with Prime Trust.