Blockchain Firm Advised by Nobel Winner Myron Scholes Launches ‘Stablecoin’ to Rival Facebook’s Libra

Myron Scholes, Professor of Finance, Emeritus, at Stanford Graduate School of Business, poses for photographers in Palo Alto, California, on 14 October 1997 during a press conference he gave upon learning that he has won the Nobel Prize in Economics. Scholes shared the prize with Robert C. Merton of the US, a professor at Harvard University. John G. Mabanglo/AFP/Getty Images

A blockchain firm advised by Myron Scholes, co-creator of the famed Black-Scholes model of derivative valuation for which he won the Nobel prize, has launched a new “stablecoin” the company hopes will revolutionize cross-border exchange and become a global currency.

Saga said in a press release that its brand of cryptocurrency is different from volatile blockchain-based currencies like Bitcoin because it resembles central bank-issued money and so would be useful as a more stable asset for storage of value and cross-border exchange.