Catholic entrepreneurs Eddie Cullen and Karl Kilb want to use new financial technologies to benefit the Catholic Church and its charitable work.
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OnMarch15,aCatholicdigitalassetscompanyknownasCresciteInnovationCorporationwillmintitsfirststablecoin,calledCatholicUSD.
StablecoinssuchasCatholicUSDareatypeofdigitalassetthatisbackedbyandwillhavea1-to-1valueequivalencewiththeU.S.dollar(andarenottobeconfusedwithcryptocurrencieslikebitcoin).
CatholicUSDscanbeusedtomakepurchasesfromordonationstoCatholicorganizationsthesamewaytheywouldwithanyotherpaymentmethodstoredinsmartphonewallets.
Donationsandotherfinancialtransactionscantakeplaceallovertheworldandwillbenearlyinstantaneous,fee-free,andsecure,thankstoblockchaintechnology,EddieCullen,co-founderofCrescite,toldEWTNNews.
Withblockchaintechnology,whichhasenabledthedevelopmentofunregulatedcryptocurrenciessuchasbitcoinandregulateddigitalassetssuchasstablecoins,traditionalbanksarenolongerrequiredtotransferorstoremoneybecausealltransactionsaretransparentandverifiabl
