The Yuga stablecoin will be globally backed by treasury instruments of the respective country.
It will also incorporate regulatory-approved identity verification standards.
So far there’s been a lot of stablecoins pegged to fiat or less volatile assets like gold! For the first time ever, we shall have a stablecoin in the market backed by government debt such as treasury yields and bonds.
Two co-founders of digital FV Bank, based out of Puerto Rico, said that they have secured the U.S. Patent for issuing stablecoin backed by government debt. The patent application filed with the USPTO last year describes the stablecoin as a “tokenized crypto asset backed by sovereign debt”.
The patent names Nitin Agrawal and Miles Paschini as the inventors of the stablecoin dubbed Yuga coin. Speaking to another publication about this development on Tuesday, July 20, Agrawal said:
We aim to create multiple stablecoins that are government-friendly, Know-Your-Customer (KYC), anti-money laundering
