APT Systems, Inc., a software development and fintech company, announced it supports efforts by the U.S. Congress to define a regulatory framework—especially as the needs they voiced align so well with rigorous standards under which we’ve developed our Spera stablecoin.
“Listening to Senate hearings on cryptocurrencies and stablecoins this week was encouraging and reinforces our most important goal for Spera—complete stability,” says Glenda Dowie, Founder and CEO of APT Systems, Inc. “While senators spoke highly of the theory behind stablecoins, they expressed concerns about stablecoin offerings that didn’t live up to their claims of stability. We chose to back Spera completely with U.S. dollars and gold. Here I’d like to quote Aaron Brown when writing for Bloomberg Opinion, he said: ‘There are only so many ways to compete in the stablecoin business; “we actually have your dollars” seems like a big one,’ and we agree.”
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Stablecoins continue to attract attention across all financial sectors because of their broad utility. A recent article in Bloomberg reported: “Stablecoins are here to stay. Since they provide liquidity and a perceived “safe haven” for investors during times of heightened crypto volatility, McKinsey expects their recent growth spurt to continue, at least as long as the overall market for digital tokens is expanding. Central banks’ own paperless cash may, therefore, have to learn to coexist with private money.”
Some of the concerns mentioned in Wednesday’s hearings had surfaced earlier, including in a recent article in The New York Times which reads in part: “Stablecoins are not all created equal. The largest stablecoin, Tether, says it is roughly half invested in a type of short-term corporate debt called commercial paper, based on its recent disclosures. The commercial paper market melted down in March 2020, forcing the Fed to step in to fix things. If those types of vulnerabilities strike again, it could be difficult for Tether to quickly convert its holdings into cash to meet withdrawals.”
Our stablecoin is designed to work seamlessly within the Company’s Verifundr escrow platform.
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“I have been excited about stablecoins since 2017,” Dowie says. “Our focus in Verifundr is trust and transparency and we needed a stablecoin to meet the high standards we set. We can and will guarantee that one Spera can always be converted to US$1 based on cash and gold reserves held by institutions on behalf of APT Systems.”
The Spera stablecoin has been built and is undergoing strict security checks and testing by third-party auditors prior to our releasing Spera and we are cautiously optimistic on the scheduled first-quarter release. Verifundr and Spera are being developed in parallel, and we continue to work with our technology partners towards compliance and completion.
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