MNEE launches new USD-backed stablecoin on BSV blockchain

Key Takeaways

• MNEE leverages the BSV blockchain to enable rapid processing, capable of processing over 1 million transactions per second at nearly instantaneous transaction speeds.
• As a licensed and regulated custodian and issuer in Antigua, MNEE adheres to rigorous international standards, including strict AML/KYC policies and will be regularly audited to ensure transparency and reliability of its reserves.
• The new stablecoin is designed for a wide range of digital transactions, including microtransactions in online gaming, social media, and various Web3 applications.
• Scheduled to launch on Handcash and RockWallet, MNEE can be minted by institutional clients outside the United States and traded by a broad user base, including retail users, merchants, and dApp developers.

MNEE today announced plans to launch a new USD-backed stablecoin, aiming to leverage the high scalability and low transaction costs of the BSV blockchain. Scheduled to debut in June 2024, the stablecoin is designed to support a wide range of microtransactions, from online gaming to peer-to-peer payments, at unprecedented speeds.

The MNEE stablecoin promises a stable value of 1.00 USD, fully backed by a mix of US Treasury bonds, cash reserves, and stablecoin equivalents. As a licensed custodian and digital asset issuer based in Antigua, MNEE adheres to stringent international regulatory standards, including full anti-money laundering (AML) and know-your-customer (KYC) compliance. Additionally, the company will verify its reserves through regular audits and ensure transparency and reliability.

Savvas Rigas, CFO of MNEE, highlighted the rapid growth of the stablecoin market, which is expected to grow from $160 billion today to approximately $3 trillion by 2028.

Ripple also recently announced plans to launch a stablecoin pegged to the U.S. dollar on the XRP Ledger (XRPL) and Ethereum (ETH) blockchains, with plans to expand to additional blockchains and DeFi protocols and apps over time. .

Rigas highlighted the demand for stablecoins that combine the fast processing of cryptocurrencies with the steady appreciation of fiat currencies. “With MNEE, we set a new standard in the sector by introducing the fastest and most scalable stablecoin to date,” Rigas said.

MNEE is the first stablecoin issued as a tokenized protocol over the BSV blockchain, known to process over 1 million transactions per second, and is also available on the ERC-20 protocol.

This coin allows for near-instantaneous trading with minimal fees and can be granular to $0.00001, making it ideal for a variety of applications including tipping, advertising and subscription services.

The coin will initially be available on Handcash and RockWallet, platforms known for their user-friendly interface and extensive Web3 integration features. Alex Agut, CEO and co-founder of Handcash, praised the upcoming launch: “MNEE aligns perfectly with our vision of improving the overall user experience in the Web3 ecosystem by seamlessly streaming funds across apps.”

James Belding, CEO and co-founder of Tokenized, noted the potential of stablecoins to expand the utility of digital assets. “MNEE demonstrates our platform’s ability to support a wide range of digital assets and highlights our commitment to innovation in the stablecoin space,” Belding said.

Upon launch, MNEE will be mintable for non-US institutional clients and will be tradable on platforms such as Handcash, RockWallet, and the advanced RockWallet PRO.

Also Read: AnchorX Launches AxHKD, Hong Kong Dollar-Backed Stablecoin on Conflux Network