Fortress Bank Prepares for Stablecoin Launch

Fortress Bank's Senior Vice President of Retail Banking, Troy McCrery, is looking ahead to the future of digital currency. He says stablecoin, a type of digital currency backed by the U.S. dollar, is the next version of digital money.

'It is not like Bitcoin, which is volatile and has no backing,' McCrery explained. 'Stablecoin is actually backed by the U.S. dollar.'

Mccrery drew an analogy to the gold standard, saying that stablecoin is similar in concept to when the dollar was backed by gold in the 1960s.

Fortress Bank has already set up its stablecoin platform and checking accounts for next year, when it will become more widely available to users.