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Stephen Moore Plans to Launch Frax

Stephen Moore
Stephen Moore

Stephen Moore, a former campaign adviser to US President Donald Trump, plans to launch Frax, a stablecoin backed by a fractional reserve of US dollars. 

Moore is also an economist at the Heritage Foundation, a conservative think tank.

Alternative to government currencies

Moore believes that cryptocurrency could be an alternative to state-backed money. 

He said he has followed monetary policy for 30 years and has seen unhealthy activities for markets. He suggested that Frax could be a check and balance against runaway currencies. 

Moore and the cryptocurrency

Moore and Sam Kazemian, his business partner and co-founder of Frax, said that the stablecoin will be built upon established blockchains. 

This year, Moore participated in a new crypto project called “Decentral”. Kazemian is also the CEO of this project. Mike Novogratz, the founder of crypto merchant bank Galaxy Digital, joined the project as a purported investor. 

Decentral is being pitched as a platform that will have responsibilities similar to the US Federal Reserve in the cryptocurrency sphere, such as regulating monetary supply and exchanging tokens for other cryptocurrencies.

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