The St. Kitts-based Eastern Caribbean Central Bank has distanced itself from any crypto token ventures and/or stablecoins on any public blockchains.
Stablecoins are an attempt to create a cryptocurrency token with a stable price, their stability commonly achieved by pegging the token to an asset such as gold or fiat.
By being backed by more traditional investments, the market has greater confidence in their price.
In a statement, the ECCB, which serves as a central bank for some of the CARICOM countries, said it has been made aware of a venture currently being promoted as a stablecoin on the Solana blockchain and which is fraudulently utilising the ECCB's official logo in its online promotions.