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Public Mint Bridges Crypto and Fiat Currency With Synthetic Tokens

  • Public Mint’s Earn program set to launch next quarter.
  • Users can begin earning in US Dollar-backed tokens.
  • Native token MINT will run governance on the Public Mint blockchain.

Users on the Public Mint Blockchain will be able to start earning US dollar-backed tokens next quarter. Additionally, Public Mint is introducing synthetic tokens backed by fiat currencies. Using this, users can begin earning through high rates of return.

Likewise, this feature will be achieved through the Earn application. It will be one of the first applications to run on the Public Mint blockchain. Hence, by using US dollar-backed tokens, the platform offers its users a stable currency. This currency will be immune to the wild fluctuations in value faced by crypto.

Moreover, Public Mint brings a fiat-ready blockchain to the table. It offers a platform where centralized and decentralized currencies form an interoperable network. Thus, users can trade and interact with pretty much any currency they wish to use. By accessing this fiat-native system, users can transfer fiat money between banks, businesses, individuals, and digital applications. 

This framework allows businesses, individuals, and applications to use banking and payment services with their own native currencies. Specifically, they can do so without the presence of a centralized entity and without any restraints from third-parties.

However, to create this space where multiple fiat currencies act as native tokens on the blockchain, Pubic Mint introduced synthetic tokens. These tokens are backed by fiat money where each token is financed and collateralized by funds held by FDIC-insured financial institutions. 

This feature allows Public Mint to bring some of the world’s most popular fiat money on the platform. The US dollar, British Pound, and Euro are ready so far. More fiat currencies will join them in the future. Furthermore, the blockchain will use its native token MINT to fulfill many functions. The most important one will be to act as governance on the network. Users can join the decision-making process and can even earn rewards by staking MINT. The network’s transaction gas fees too, will be in MINT’s jurisdiction.

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Colette Larsen

An eager wordsmith who conveys her thoughts and fascinations through words and storytelling. Besides lurking on new and emerging technology forums, she’s always updated when it comes to blockchain.

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