A former Consensus employee is launching a new stablecoin in an out-of-control situation

Stable.com, a fintech company founded by former Consensus employee Jack Jia, is working on a 1:1-backed stablecoin “with programmatic considerations.” The stablecoin, USD3, is set to launch on Ethereum, Polygon, Avalanche and Linea.

USD3 aims to provide developers and businesses with a simple decentralized application (DApp) interoperability and integration mechanism.

Speaking to Cointelegraph, co-founder Gia explained the steps Stable.com is using to ensure the safety and integrity of USD3.

“Stable.com is a regulated financial institution with an extensive compliance program designed by industry veterans in the US. USD3 is always backed 1:1 in USD or cash and undergoes regular internal and external audits to ensure transparency and compliance.”

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Working alongside COO Jamal Riz, former Head of Stablecoins at Unlimit, Gia spoke about the risks and challenges of launching a stablecoin in the current market environment.

“While the current global regulatory environment is slowly improving, there is still a lack of clarity on how to regulate stablecoins and other cryptocurrencies. A strong and transparent regulatory framework will be critical to the long-term success of stablecoins.”

This statement was recently confirmed by the concern raised by Agora CEO Nick van Eyck. He warned that yielding stablecoins are at risk of being classified as collateral because they are “neither money nor stablecoins.”

Similarly, Cointelegraph asked how Gia, the new USD3 stablecoin, will solve the common issues faced by other stablecoin projects.

“Stable.com will have access to a strong financial infrastructure, meaning users from all over the world can quickly and efficiently get on board and buy USD3 with payment methods from all over the world at extremely low fees.”

This development in the stablecoin space follows Farcaster co-founder Dan Romero's recent endorsement of a “stable coin payments app” for US-based freelancers.

After Venmo decided to raise their transaction fees, Romero offered the solution to freelance 1099 workers, workers subject to US Internal Revenue Service Form 1099.

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