China’s nationwide blockchain project, the Blockchain Service Network, or BSN, will be integrating stablecoin support in 2021.
Piloted in late 2019, China’s BSN is a state-backed initiative that intends to support medium-sized businesses in building and deploying blockchain applications.
The exec explained that stablecoins will be used as payment for various services on the BSN ecosystem, including cloud resources. “Only stablecoins can make it much easier, quicker and safer,” the executive noted.
Stablecoins will purportedly enable instant settlement between public city nodes providers and the so-called BSN portals, He said.