Despite the fact that the concept of money has evolved over thousands of years, it still has space for growth. Digital assets' promise of global fluidity, frictionless, and democratization has yet to be fully realized. Even the most popular digital asset, Bitcoin, is beset by serious flaws that limit its utility despite the profusion of initiatives, billions of dollars in resources, and years invested in development.
The NFT Dollar token, issued by the NFT Trust Company and approved and regulated by the New York State Department of Financial Services, is described in this paper as a digital dollar that is backed one-to-one by cash and financial equivalents. We show how NFT Dollar enhances financial markets by allowing participants to deal in a trusted and secure USD-backed and denominated asset while benefiting from blockchain technology and financial regulator oversight. NFT Dollar, we feel, is a big step forward in digital assets, leveraging the infrastructure, regulation, and stability of the old financial system while functioning at Internet speed.
One of the most interesting applications of this new technology is its possibility to operate as an alternative payment rail for use in the NFT Marketplace, which is brimming with potential features. NFTU would be made available globally, would be more secure, and would settle transactions much faster. The NFT dollar (NFT-U) is directly linked to the value of the US dollar. The USD stored in NFT-U is fully backed 1-to-1.
The industry is still in its infancy when it comes to understanding the value that stable coins may unlock. In this process of discovery, we are continually looking for collaborators.
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