A marijuana-focused stablecoin issuer is added to Arizona's fintech sandbox
According to Arizona's Attorney Generals Office, Alta, a stablecoin project for the marijuana industry, was accepted into the office’s fintech sandbox program. The seventh startup to join to date, Alta is looking to address the banking needs of a $350 million statewide industry. Current federal regulations prohibit bank involvement with the marijuana industry, leaving businesses searching for alternatives. State regulators believe Alta’s dollar-pegged-stablecoin and payment network provide such an alternative in addition to a healthy candidate for fintech development.
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