Input Output Global (IOG) has unveiled a new initiative known as XSY, pronounced ‘eksy’. The specifics of this project, shrouded in a veil of marketing terminology, are challenging to decipher. Despite the abundance of promotional jargon, it appears that the project will involve the creation of a new stablecoin.
The project was announced in October 2023 with the appointment of W. Sean Ford as CEO and David Markley as COO. Both Ford and Markley have joined IOG to lead a new venture focused on the stablecoin space.
David Markley’s career history is interesting.
He is a multifaceted product and operations leader. At Algorand, he led the Operations, Venture, and Business Solutions teams. He was also involved in Algorand’s project to build the world’s first national digital currency, the Marshallese sovereign.
The Marshallese Sovereign (SOV) is the world’s first national digital currency. It was introduced by the Republic of the Marshall Islands in 2018. The SOV is not just a representation of the local fiat currency, but rather an independent coin.
Algorand was chosen as the technology partner for this project.
Algorand’s protocol was implemented to provide the SOV initiative with speed, scalability, security, and required compliance controls such as identity management. The SOV is designed to circulate alongside the United States dollar, which is used as the official currency in the country, and help the Marshall Islands operate efficiently in the global economy.
The SOV supply is algorithmically fixed to grow at 4% each year to prevent inflation.
This success is little talked about in the blockchain industry, yet it is one of the most impactful solutions. And other similar projects are being prepared.
Wyoming, a state known for its crypto-friendly regulations, has embarked on an initiative to issue a new stablecoin. This initiative is part of the Wyoming Stable Token Act, which was introduced in February 2022 and became law in March 2023. The Act authorizes the issuance of a U.S. dollar-pegged stablecoin redeemable for fiat held in an account by the state.
