Klarna Group (KLAR) Launches its First Stablecoin, Here’s What You Need to Know

​Klarna Group plc (NYSE:KLAR) is one of the Best Up and Coming Tech Stocks to Buy. On November 25, Klarna Group plc (NYSE:KLAR) announced the launch of its first stablecoin called KlarnaUSD to facilitate faster and cheaper payments. This marks a major strategic shift as the CEO of the company has been skeptical about cryptocurrencies.

​Following the announcement, Klarna Group plc (NYSE:KLAR) has become the first bank to launch its stablecoin on Tempo, which is a new blockchain started by Stripe and Paradigm. Management highlighted that they generate around $120 billion in cross-border transaction fees annually. The stablecoin will enable customers and merchants to make cross-border payments at significantly reduced costs.

​In addition, Wall Street maintains a positive outlook on Klarna Group plc (NYSE:KLAR). On November 21, Bryan Keane from Citi reiterated a Buy rating on the stock, but lowered the price target from $58 to $45. Earlier, on November 20, Timothy Chiodo from UBS also reiterated a Buy rating on the stock and lowered the price target from $48 to $46.

​Klarna Group plc (NYSE:KLAR) operates as an AI-powered global payments network and shopping assistant, offering flexible payment solutions such as Pay in Full, Pay Later, and Fair Financing to consumers and merchants.

While we acknowledge the potential of KLAR to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than KLAR and that has 100x upside potential, check out our report about this cheapest AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.