Token has launched the first stablecoin to be backed by a US Financial Institution. Token X is backed by fiat currency and unlike other stablecoins is independently audited and insured by the Federal Deposit Insurance Corporation up to $25 million per verified KYC’d account holder.

Token X will offer traders peace of mind, security and stability in unstable crypto markets, with monthly audit reports ensuring assets in escrow match the outstanding Token X stablecoins, offering users high levels of transparency. The fiat currencies are held in escrow by Token’s partners – Alliance Trust.

The stablecoin supports all major currencies on the Stellar Network and Ethereum.

Token is an open banking platform that allows a global ecosystem of banks, bank customers and developers to move money and information securely, instantly, and at a low cost. Token also has a number of prestigious awards under its belt, including the GTS Global Innovator Award.