Poland City Launches a Stablecoin for Local Businesses

The city of Minsk Mazowiecki in Poland, which has a population of 37.5 thousand people, has launched its own stablecoin called MinsCoin.

The stablecoin is based on the UrbanChange platform and is aimed at local entrepreneurs. UrbanChange, a platform that issues USDC-backed “stable coins”, is the developer of MinsCoin.

The technical solution was made possible with the help of Circle, Algorand, and wallet-as-a-service provider Magic. Initially, MinsCoin will be accepted by 10 local businesses, with plans to increase this number in the future.

The goal of this digital currency is to provide insight into how such technologies can impact social interactions, economic participation, and community solidarity.

Colu Technologies, based in Israel, has previously developed similar apps for other cities in the US. For example, Houston residents can earn H-Points, Boston has Boston points, and Utica, New York has Halfmoons.