Local cryptocurrency firm MNEE has announced the launch of the first US dollar-backed stablecoin, which will be available on the market on June 15.

Stablecoins are cryptocurrencies pegged to a fiat currency like the US dollar and are often used as a safe haven during market downturns.

Headquartered in Antigua, MNEE is billed as a pioneering financial technology organisation, leveraging the capabilities of BSV blockchain to provide a stable, secure, and scalable digital currency.

The new venture aims to “transform the landscape of digital transactions” through its use of the blockchain, “which features unmatched speed, low fees, and the ability to power micro-transactions”.

MNEE tokens are reportedly backed by US Treasury bills and US dollar cash equivalents to ensure full compliance with anti-money laundering legislation, the company states on its website.

MNEE will also be fully audited, it says, offering transparency and reliability to its users.

MNEE will launch on Handcash and RockWallet—a cryptocurrency company incorporated under the International Business Corporations Act of Antigua and Barbuda. It has a license from the Financial Services Regulatory Commission under the Digital Assets Business Act to provide digital asset services.

“Sitting at approximately US$160 billion today, the stablecoin sector is projected to reach nearly US$3 trillion by 2028, clearly demonstrating market desire for the instant processing and high security of stablecoin payments, coupled with the volatility-free stable valuations of fiat currencies,” said Savvas Rigas, CFO of MNEE.

“With the launch of MNEE, we are proud to introduce the industry’s fastest and most scalable stablecoin to date, truly establishing MNEE as the currency for tomorrow.”