CoinField’s Sologenic: Built on the XRP ledger to issue stock and fiat backed stablecoins

CoinField, a Canadian cryptocurrency exchange that uses XRP as a base currency has been preparing an XRPL project for some time now. Details of the project have now been revealed on Coinfield’s website.

CoinField has introduced Sologenic, a sophisticated ecosystem that facilitates users with investing, trading, and on-demand tokenization of assets such as stocks, ETFs, and fiat on top of the XRP Ledger. A tokenized stablecoin of TSLA stock or USD fiat is presented as TSLAƨ or USDƨ, respectively. These stablecoins are tradable and redeemable against XRP and SOLO on both CoinField exchange & XRPL DEX.

Moreover, Sologenic will deploy SOLO coins for market-making and liquidity providing. SOLO coins will be issued on the XRP Ledger allowing liquidity to be moved almost instantly. This will create a dynamic bridge between Crypto assets and non-blockchain-based assets by being paired directly with fiat to settle with third-party brokerage firms. SOLO will be available for trading on CoinField’s existing exchange, CoinField’s upcoming DEX, and other major global exchanges.

CoinField is also preparing a couple of other products.

  • A Decentralized XRPL Exchange. The exchange built on top of the XRP ledger enables users to trade issued tokenized assets for SOLO or XRP.
  • Tokenized Assets Trading: Solo holders have access to a wide range of stocks from over 25 global exchanges. The infrastructure connects traditional financial systems with blockchain-based assets and enables cryptocurrency trades against any asset class.
  • Crypto Cards: SOLO holders are eligible to obtain a FREE Crypto Card to spend their cryptos instantly anywhere in the world. SOLO holders have various benefits with the Crypto cards, such as monthly cashback, airport lounge access, and discounts on select hotels and private events.

For more information, visit sologenic.com.