BlockBeats News, March 11th, BitGo, a digital asset infrastructure company, announced that it will provide custody and trading services for the publicly traded company StableX Technologies to support its establishment of a stablecoin-related digital asset reserve of up to $1 billion.
According to the announcement, BitGo Bank & Trust will act as the custodian of StableX digital assets, while BitGo’s over-the-counter (OTC) platform will assist in executing the related token purchase plan.
StableX is a Nasdaq-listed company focused on stablecoin infrastructure. After the announcement, the company’s stock price rose by 9% intraday and ultimately closed up by about 1.6%. Previously, StableX had started to build a digital asset reserve and had acquired stablecoin ecosystem-related tokens, including Chainlink.
Chen Fang, Chief Revenue Officer of BitGo, stated that this collaboration shows that more and more publicly traded companies are establishing digital asset reserve strategies, no longer limited to Bitcoin but starting to layout stablecoin ecosystem-related assets.
Data shows that the total market value of global stablecoins has exceeded $314 billion. As the industry scales up, investors are beginning to focus on stablecoin issuance, payments, infrastructure, and other related areas. Previously, Bitwise had applied to U.S. regulators to launch a stablecoin and tokenization-themed ETF tracking stablecoins and related infrastructure companies.
