The news doesn’t stop for stablecoins.
The board of directors at Grandshores Technology notified investors on Monday that Li Xiaolai has been appointed as executive director and co-CEO of the company. Known in China as a “bitcoin evangelist,”
Li is said to be an experienced investor in numerous blockchain companies, including the Grand Shores Global Blockchain Ten-Billion Innovation Fund, which he helped to establish, and Inblockchain, which he also co-founded.
What’s the company about?
Grandshores Technology Group is a public company affiliated with a 10 billion yuan ($1.5 billion) fund backed by the government of Hangzhou, the capital of China’s Zhejiang Province. It is known to be developing a new stablecoin, which is now expected to hit the market by February 2019.
Not the Chinese yuan
The funny thing is that the upcoming stablecoin won’t be attached to the Chinese Yuan, instead it will follow the Japanese currency.
It is not clear why the company has chosen to focus on the Japanese currency rather than the Chinese yuan.
However, it may have chosen the yen to avoid irking the Chinese central government, which might not be too happy to see a local government indirectly financing a yuan-pegged stablecoin.
Recently we asked our readers if they were to have their salary paid in a cryptocurrency, which would they prefer? Roughly 70% of the responses that we received mentioned some sort of stablecoin. It seems like stablecoins have a bright future ahead.