
US based crypto exchange coinbase is calling on developers to create a new and inflation-proof stablecoin for their own blockchain.
A blog calls for a new type of stablecoin Post On Thursday where the exchange said it is “particularly interested in ‘flatcoins’ – stable currencies that track the rate of inflation.”
It added that such coins would provide users with stable purchasing power, while also giving them “resilience from the economic uncertainty caused by the legacy financial system”.
Coinbase said it also welcomes other forms of so-called flatcoins that are not tied to fiat currency, such as the US dollar. It said that these coins could “fill the space between fiat pegged coins and volatile crypto assets.”
“With the recent challenges to our global banking system, we believe these explorations are more important than ever,” the blog post said.
Coinbase hopes developers will use it Layer-2 blockchain is known as BASE To create new types of assets. It also promised funding from the Base Ecosystem Fund to kickstart relevant projects, and said this would come in addition to dedicated support from the Base team to help the projects succeed.
“Over the past three weeks, we have seen a huge amount of interest to be a part of the Base Ecosystem Fund, with a wide range of ideas,” the blog post added.
The call for Flatcoin’s development comes amid a dispute between Coinbase and the US Securities and Exchange Commission (SEC) over how the exchange conducts its business in the US.
coinbase was last week threatened with prosecution by the SEC In a so-called Wells notice, the regulator accused Coinbase of selling “unregistered securities” to the public. Coinbase, on its end, has denied any wrongdoing, saying it has always tried its best to comply with all regulations.
Base was first launched to the public in late February, and the network is being promoted as a “secure, low-cost, developer-friendly” way to build decentralized applications (DApps). What is layer-2 network built on? Ethereum blockchain, and will serve as a home for both Coinbase’s own on-chain products and an open ecosystem for developers.