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.

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