Swedish financial technology firm Klarna announced the upcoming launch of its first-ever stablecoin, KlarnaUSD.
The company, which offers buy now, pay later services, stated that the move marks its public entry into the crypto space and that it plans to reveal additional partnerships soon.
KlarnaUSD is designed as a stablecoin, meaning its value will be pegged to conventional assets, such as cash or US government bonds, to maintain price stability.