China’s Bitcoin (BTC) “tycoon” Li Xiaolai — who has a reported net worth of 7 billion yuan ($1 billion) — has been also appointed as an executive director and co-chief executive officer of Grandshores Technology starting from Monday, Dec. 3.
Within the new position at the blockchain fund, Li Xiaolai will lead a number of initiatives including the launch of a stablecoin, establishment of a Directed Acyclic Graph (DAG)-based public database, development of Trusted Execution Environment (TEE) technologies, and other blockchain-related projects.
According to the report, the new stablecoin will represent a “stable digital currency system” that will be focused on global mainstream currencies.
The fund’s chairman Yao Yongjie had announced that the company plans to launch three fiat-pegged stablecoins, with the first expected to be based on the Japanese yen. Two other stablecoins are expected to be pegged to the Hong Kong and Australian dollar. As previously reported, Grandshores Technology is planning to offer investments through U.S. dollar-pegged stablecoin Tether (USDT), with a yen stablecoin set up for launch in January, 2019.