RE: Taking too long16 May 2022 12:05
Almagest,
RE your question,
From the GST Prospectus in Sept 21
'GS Money App, a mobile neobank application offering fee-free cross border payments. This new payment service is intended to use regulated stablecoins and blockchain-based 'bank accounts' to instantly transfer value between US dollars, Sterling, Euros and Chinese Yuan via a mobile device without foreign exchange mark-ups or additional fees. Once launched, the GS Money App intends to operate as a European Electronic Money Institution (EMI) licenced service, subject to the appropriate approvals being received. The GS Money App will not follow a banking/lending business model and it will not be engaging in fractional reserve practices as undertaken by banks. The cash reserve will be transparently managed by an EU registered entity that is yet to be established or acquired. Every stablecoin token will be backed 1-to-1 with real currency.'
How that compares to Tether I'm not sure , at the end of the day every token will have to be backed I would have thought with hard cash.