Enter Output International (IOG) has unveiled a brand new initiative generally known as XSY, pronounced ‘eksy’. The specifics of this venture, shrouded in a veil of selling terminology, are difficult to decipher. Regardless of the abundance of promotional jargon, it seems that the venture will contain the creation of a brand new stablecoin.
The venture was introduced in October 2023 with the appointment of W. Sean Ford as CEO and David Markley as COO. Each Ford and Markley have joined IOG to steer a brand new enterprise centered on the stablecoin area.
David Markley’s profession historical past is fascinating.
He’s a multifaceted product and operations chief. At Algorand, he led the Operations, Enterprise, and Enterprise Options groups. He was additionally concerned in Algorand’s venture to construct the world’s first nationwide digital forex, the Marshallese sovereign.
The Marshallese Sovereign (SOV) is the world’s first nationwide digital forex. It was launched by the Republic of the Marshall Islands in 2018. The SOV isn’t just a illustration of the native fiat forex, however reasonably an unbiased coin.
Algorand was chosen because the expertise associate for this venture.
Algorand’s protocol was carried out to offer the SOV initiative with velocity…