Nov. 25 (UPI) -- Global digital bank Klarna has launched the KlarnaUSD stablecoin, which heralds the bank's support of the $27 trillion global stablecoin market.
Sweden-based Klarna is the first bank to use the new Tempoblockchain to launch its stablecoin, which was created by Stripe and Paradigm, and makes it possible to lower the cost of cross-border transactions, the bank announced in a news release on Tuesday.
Such transactions generate an estimated $120 billion in fees every year, and Klarna officials say KlarnaUSD could greatly lower the cost of those fees.
"With 114 million customers and $118 billion annual [gross merchandise value], Klarna has the scale to change payments globally," said Sebastian Siemiatkowski, Klarna co-founder and chief executive officer.
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