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- Four new stablecoins were added to the Concordium blockchain, i.e. Agant, Noon, Deep Blue, and AEDX stablecoins.
- This aims to boost the payment ecosystem on the blockchain and enhance the real-world application of digital assets.
Enterprise-focused Layer 1 blockchain Concordium has announced the addition of four new stablecoins on its platform, as partners flock to issue their assets natively on the chain. The partners include Agant (GBPA), Noon (USN), Deep Blue (DBUSD), and AEDX (AEDX), with the aim of expanding the PayFi ecosystem globally. The partners will leverage Concordium’s Protocol-Level Token technology to power their stablecoins and join its growing payments finance ecosystem.
Powered by zero-knowledge proof technology, Concordium offers a unique identity layer at the protocol level to ensure verified and private user interactions. The platform includes several private payment protocols, including advanced PayFi features like time releases and compliance controls, and secure ID-based geofencing for cross-border transactions.
The new stablecoins will benefit from these integrations once issued, as well as being held directly in wallets with no smart contracts. This eliminates complex hacks and attack vectors that are present on smart contract chains, which mitigates the risk for enterprises.
Speaking on the integration of the new stablecoins, Concordium CEO Boris Bohrer-Bilowitzki welcomed the additions with the hope of further growing its ecosystem in the future.
“Not only do these partnerships reflect the success of our platform and its ability to support smart contract-less execution, but it underlines the real-world impact of web3 technology, particularly when it comes to stablecoins,” Bohrer-Bilowitzki added. “We look forward to working more closely with Agant, Noon, Deep Blue, and AEDX and to welcoming more innovative projects into our ecosystem.”
A Global Quartet For Web3 Enterprises
Agant, a UK-based fintech firm, will launch its stablecoin GBPA, pegged to the British pound sterling and fully backed by reserves, on the Concordium chain. The firm is also a member of the Digital Pound Foundation and Stablecoin Standard, in its quest to bridge the traditional fiat currency systems with DeFi to promote financial inclusivity and facilitate smooth international transactions.
Secondly, Noon Capital, a firm that launched the USN stablecoin, also announced that it will issue its stablecoin natively on the enterprise blockchain. The 1:1 USD-backed stablecoin can be minted by depositing collateral in the form of Tether (USDT) or USD Coin (USDC), with collateral then deployed into delta-neutral strategies to generate yield. The company recently launched its public beta and has since seen massive growth in the total locked value of the collateral, which currently stands at $33 million.
AEDX stablecoin is offered by Dubai-based Web 3 firm AEDX. The stablecoin, dubbed the “stablecoin for a better world”, is pegged to the UAE’s Dirham (AED), holding a 1:1 ratio at all times. For better stability, the stablecoin is also integrated with major financial and commercial entities, particularly in the MENA and CIS markets. In its public pilot phase, AEDX will issue 5 million tokens, with the potential to scale to 1 billion over the next 3-5 years based on market acceptance and demand.
Finally, Deep Blue will launch the DBUSD stablecoin, backed by USD reserves. DBUSD is Jersey’s first-ever stablecoin, a mark of the Crown dependency’s progressive approach to fintech innovation. Speaking on the issuance of DBUSD on Concordium, Julien Bahurel, CEO and co-founder of Deep Blue, stated:
“Launching DBUSD on Concordium is an important milestone in our roadmap, and a reflection of our vision to bridge traditional finance and Web3. We are looking forward to redefining how stablecoins can power cross-border finance with trust and efficiency in the years ahead.”
Looking To The Future
With the tokens pegged to different global fiat currencies, Concordium focuses on expanding its platform to more stablecoins in the future. Moreover, the introduction reinforces Concordium’s reputation as a leading L1 for stablecoin issuance and extends the opportunities available to users within its growing PayFi ecosystem. The addition of the four stablecoins also bonds well with the goal of Concordim helping enterprises build Web 3 payments to meet the demands of real-world applications.
Finally, the blockchain’s built-in ID layer and protocol-level token technology will significantly reduce security risk, making it an optimum venue for stablecoin issuance. Concordium enables institutions to launch stablecoins natively without smart contracts, paving the way for a dynamic new era of on-chain finance.
