A recent trend in the world of digital money has been so-called “stablecoins,” which are digital currencies designed to maintain the value of one U.S. dollar. Now, a popular trading app is betting people will have an appetite for digitized versions of other major currencies including euros, yen, and Swiss francs.
On Tuesday, Cyprus-based eToro said it would offer a total of eight stablecoins as part of the broader launch of a crypto exchange service called eTorox. In an interview with Fortune, CEO Yoni Assia said the introduction of the stablecoins is just the start of an ambitious plan to offer tokenized version of other assets, including precious metals and fine art.
Tokenizing assets entails listing them on a blockchain, a ledger run across multiple computers capable of creating a tamper proof record of transactions. In the case of stablecoins, the issuing company typically backs the assets on a one-to-one basis by holding a reserve of fiat currency. (In some…