Today the 13th of September 2023, Hedera Officially announce the Hedera Stablecoin Studio! This claims to be the all-in-one stablecoin configuration, issuance and management toolkit tailored for web3 platforms, institutional issuers, enterprises, and payment providers alike!
Hedera‘s official twitter page – ‘By leveraging the #Hedera network and in collaboration with our partners, the #Stablecoin Studio delivers a highly performant, seamless, end-to-end stablecoin solution with proof-of-reserve, dedicated custodians, and network-native KYC/AML flagging.’
they go on to day – ‘With #Hedera’s predictable fees, high programmability, and robust network of ecosystem partners, #stablecoin issuance and management have never been simpler – everything you need to build and configure stablecoins with ease.’
Official twitter announcement:
The stablecoin studio, All – In – One solution:
Stablecoin Studio serves as an open-source SDK designed to simplify the process of creating stablecoins through the utilization of Hedera network services. This comprehensive toolkit acts as an all-in-one solution, empowering stablecoin creators to effortlessly deploy applications and oversee their operations with a comprehensive management suite, resulting in more streamlined digital asset management.
This toolkit also includes a proof-of-reserve feature, which leverages existing systems or on-chain oracles to enhance transparency in disclosure. Furthermore, it seamlessly integrates with custody providers, making development smoother and reducing time-to-market.
Enhanced by advanced KYC/AML account flags native to Hedera and integrated service provider hooks, Stablecoin Studio offers issuers innovative methods for handling compliance and security.
Current enterprises exploring the stablecoin studio:
- Cathay Bank – Comprehensive banking and financial services solutions.
- Jewel Bank – Full service bank providing multi-currency services including fiat on and off ramps, lending, digital asset custody, stablecoins, and a real time settlement network for institutions.
- Rivia – Facilitating worldwide finance with speed and flexibility.
- SCBTechX – Digitally native, industry-leading, platform-as-a-service business that provides innovative banking and non-banking services.
- Shinhan Bank – South Korean banking and financial services provider.
- Standard Bank – South African bank and financial services group.
This is a BIG DEAL:
right now the market stablecoin market sits at roughly $120 billion in value and this is only set to grow exponentially with not only the demand for the already existing stablecoins expected to grow but the entering of institutional players. Hedera entering and perusing the stablecoin space would effectively make it the best choice for stablecoin issuers as it offers the fastest settlement time and the cheapest fees!
Recently we have seen the entering of many payment companies into the crypto space and some like PayPal actually look to build their own stablecoin to be used on their platform and further a field this is likely a trend we will see continue with companies as the market is already in the multi $$ billion and expected to one day grow into the $$ trillions! in the quarter ending December 2022 Tether made a whopping $700 million in fees. many institutions will have their eyes on that prize!
Hedera Hashgraph is quickly becoming one of our favourite crypto project with a very bright future ahead of it. DAGs will become more and more of the story for crypto as they offer unique features often impossible to facilitate with a linear blockchain. To find out the difference between a DAG and a Blockchain please check out our article on this matter. Over all this is a brilliant development for hedera and the crypto space in general and we look forward to watch it progress!