Stablecoin Studio, an open source SDK, now available on the Hedera network, enabling any organization to easily build stablecoin applications
Web3 stablecoin platforms, institutional issuers, enterprises, and payment providers can build stablecoin applications using Hedera network services without specialized blockchain expertise
SINGAPORE, Sept. 13, 2023 /PRNewswire/ -- Token 2049 -- Stablecoin Studio, an open-source stablecoin issuance and management toolkit that makes it easy for Web3 stablecoin platforms, institutional issuers, enterprises, and payment providers to build stablecoin applications using Hedera network services, is now available on the public Hedera network. Stablecoin Studio provides organizations worldwide with an all-in-one toolkit that enables stablecoin issuers to quickly configure, issue, and manage bespoke stablecoins on the Hedera network. The toolkit offers oracle-based proof-of-reserves functionality, commercial custody provider integration points, and easily configured KYC/AML compliance functionality. Made available by Hedera, Swirlds Labs, The HBAR Foundation, and ioBuilders, Stablecoin Studio is open sourced on Hedera under an Apache 2.0 license.
PayPal recently announced its own stablecoin, PYUSD, joining the ranks of existing pure-play issuers like Terra and Circle, central banks, and wholesale players like J.P. Morgan. Shinhan Bank, SCB TechX, and the largest financial institution in Taiwan recently announced the successful completion of a stablecoin remittance proof-of-concept (PoC) pilot on the Hedera network that leveraged the Stablecoin Studio.
"We are very excited to hear that the Stablecoin Studio is now live on the Hedera network. We made use of this toolkit while doing the stablecoin remittance PoC project a few months ago, and it was quite convenient. We believe it can become a game changer in the Web3 market," said Kim Byung Hee, Chief of the Blockchain Division at Shinhan Bank.
"Having used Stablecoin Studio in our recent remittance POC, we are excited to see this toolkit released to the open source community. Modules like these enable technologists like ourselves to focus on use case innovation, standardising the way we build and innovate on top of Hedera. We are eager to see what the larger community creates with it," said Andre Chan, Innovation Lead from SCBTechX.
"We are honored to stand as the Taiwanese partner in Shinhan Bank's stablecoin PoC on Hedera," said Nicholas, Director at the TABEI, Taiwan Association for Blockchain Ecosystem Innovation and former Cathay Financial Holdings Head of Blockchain. "This journey has been marked by true and relentless teamwork. We look forward to paving the way for the next stage of stablecoin development in the region, leveraging the groundbreaking Stablecoin Studio."
"Stablecoins have the potential to bring a wide range of benefits to the banking industry, including stability, transparency, security, accessibility, liquidity, and more," said Jared Lindolent, Lead, Developer (Blockchain) for Standard Bank. "Stablecoin Studio can help project teams speed up development efforts considerably, increasing speed to market and allowing businesses to focus on delivering these benefits to their customers. As Standard Bank is a governing council member, we are thrilled to introduce this accelerator to our project teams. We believe that this accelerator can help us understand the benefits of stablecoins and how they can bring value to our relevant projects."
As an end-to-end open-source SDK, Stablecoin Studio enables stablecoin issuers to quickly deploy their products and oversee them with comprehensive management capabilities, allowing for streamlined digital asset operations. The toolkit offers proof-of-reserve functionality through integrations with existing 3rd-party data sources and seamless API integrations to existing 3rd-party custody providers, enabling issuers to bolster their ability to provide timely public disclosures. Complemented by advanced, Hedera-native KYC/AML account flags and configurations, Stablecoin Studio prioritizes regulatory compliance and security throughout.
Greg Scullard, Executive Director of EMEA at Swirlds Labs, said, "The revolutionary genius of the Stablecoin Studio is the way it streamlines Web3 integrations, leveraging smart contracts for programmability alongside a native token issuance for efficiency and low cost transfers. It's a simple, scalable toolkit that will make a big splash in mainstream enterprise. Each aspect of the toolkit technically and thoroughly builds user trust and enables customized compliance. In recent launches across the market, we are witnessing enterprises add a new tier to the world of stable value assets. Stablecoin Studio goes beyond that to create the opportunity for limitless stablecoin uses from enterprises and organizations."
Shayne Higdon, Co-Founder and CEO of the HBAR Foundation, said, "For stablecoins to be widely adopted into mainstream payments and usage, stablecoin issuance and management needs to be customizable for any and all use ases. Stablecoin Studio provides that programmability, accelerating the era of modular and interoperable stablecoins for corporations, financial institutions, and retail."
"At ioBuilders, we're incredibly proud to be a key contributor to, and user of, the Stablecoin Studio codebase. Its transformative benefits hold immense potential and will unlock a spectrum of future use cases. ioBuilders is ready to guide organizations in tapping into Stablecoin Studio's potential, ensuring a seamless path to adoption and success," said Fernando París, co-Founder and CTO of ioBuilders.
Stablecoin Studio's TypeScript SDK and management CLI streamline smart contract interactions, accelerating development and streamlining operations without requiring specialized blockchain expertise. Issuers can seamlessly integrate top commercial custody providers and leading KYC/AML services for automated compliance via Hedera-native KYC status flags for accounts. Whether building a web3 stablecoin platform, enterprise remittance network, or on-chain finance offering, Stablecoin Studio simplifies development and operations.
Get firsthand experience with Stablecoin Studio's capabilities by using the open source, React-based demo application sandbox. The sandbox application is built using Stablecoin Studio's TypeScript SDK. After setting up a Hedera testnet account, explore creating and managing stablecoins on Hedera through the interactive demo.
Stablecoin Studio's verifiable proof-of-reserve supports the need for transparency and trust across web3, with the flexibility to adapt to the evolving global regulatory compliance landscape. Organizations can utilize existing internal banking systems or seamlessly integrate with on-chain oracles to manage treasury management and stablecoin issuance disclosures.
"At Arkhia we're thrilled to have the opportunity to be a partner with Stablecoin Studio. As the Hedera network grows as a strong choice for the stablecoins landscape, it will massively accelerate integration & development and address from the ground up key dimensions such as proof of reserve and wallet transparency. We're happy to be along for the ride and be the private enterprise-grade infrastructure option for clients that wish to adopt it at a production scale, said Daniel Costa, CTO at Arkhia.
"As the demand for public and private stablecoins increases, driven by companies looking to innovate and create new business models, making the technology simple to manage and deploy is critical to achieving adoption. Stablecoin Studio, with its modular 'plug & play' framework is a great solution for companies to rapidly deploy a feature-rich stablecoin solution," said Dwight van Diem, Managing Partner at BCW Group. "As a Web3 infrastructure company and builder in the Hedera ecosystem, we are excited to offer on-chain data attestations (Reserves, FX Rates, etc) via our Oracle service, Axiom."
"Our focus was to meticulously evaluate and propose enhancements to the underlying safety mechanisms. In a world where digital assets are becoming central to our financial ecosystem, the importance of a comprehensive security review cannot be overstated. Our analysis ensures that Stablecoin Studio's codebase is grounded in robust security protocols. This isn't just about protecting code; it's about safeguarding innovation, fostering trust, and ensuring that institutions and individuals can engage in this new frontier with confidence," said Prof. Ronghui Gu, co-founder of CertiK.
"We are incredibly excited to announce Elliptic's integration with Stablecoin Studio on the Hedera network to provide enterprises who build their applications with this codebase an out-of-the-box AML compliance toolkit. The HBAR Foundation's vision and capability to support stablecoins is not only impressive but also aligns with our belief that they are paving the way for the future of stablecoin platforms. This integration represents a significant step towards a new era of transparency, security, and compliance in the digital asset ecosystem," said Jackson Hull, CTO at Elliptic.
"At Halborn, we are excited to bring in our team of cybersecurity experts to strengthen the security around Stablecoin Studio, empowering web3 stablecoin platforms, institutional issuers, and enterprise banking/payment providers. Our team is looking forward to leveraging our security expertise in securing the Stablecoin Studio codebase and the Hedera ecosystem," said Rob Behnke, CEO of Halborn.
Kamal Youssefi, President of The Hashgraph Association, said, "Stablecoin Studio will enable organisations anywhere in the world, whether regulated institutions, innovative payments startups and enterprises, or consumer engagement platforms, to benefit from the ease of development and deployment of enterprise-grade solutions that issue and manage stablecoins. Utilizing the high performance throughput and unparalleled security of the Hedera network, we anticipate stablecoins developed using Stablecoin Studio to power innovative new use cases across all industry sectors."
"Hex Trust is thrilled to see the Stablecoin Studio toolkit released to the open source community for use on Hedera, bringing expertise in product, the industry, and experience being the leading institutional custody provider. We are excited to contribute to developing and growing stablecoins on Hedera, ensuring secure and reliable custodial services for this innovative ecosystem," said Giorgia Pellizzari, Head of Custody at HEX Trust.
"As a digital asset friendly bank and stablecoin issuer and infrastructure provider, Jewel Bank is thrilled to be utilizing the Stablecoin Studio toolkit to accelerate the growth of the industry and our business. The enterprise-grade suite of components pre-built in the Stablecoin Studio codebase is helping us meet the huge demand for USD banking & stablecoin payments needs of our clients, as well as the broader ecosystem of enterprises building on Hedera," said Chancellor Barnett, Chairman of Jewel Bank.
"This collaboration underscores the potent synergy of Merkle Science's proficiency in blockchain analytics and the visionary stablecoin initiative on Hedera. Together, we proactively identify crypto risks, navigate global regulations, and fortify consumer protection, ensuring utmost security and compliance for the stablecoin ecosystem's success," said Mriganka Pattnaik, Co-Founder and CEO of MerkleScience.
"At NotCentralised, we're proud to see the release of the Stablecoin Studio codebase on the Hedera network, an innovative toolkit that streamlines stablecoin operations and elevates digital asset security. With its seamless integration, comprehensive management features, and Hedera-native KYC/AML configurations, Stablecoin Studio aligns well with our commitment to driving transparent and secure solutions in the web3 space. This collaboration marks a significant step towards shaping a more efficient financial ecosystem, and we are excited to be a part of this pioneering journey," said Arturo Rodriguez, Director at NotCentralised.
"Enhancing Novatti's already established AUDD stablecoin footprint across multiple blockchains, the integration via the open source Stablecoin Studio emerges as a logical step to amplify and expedite the launch of our stablecoin within the Hedera network and its vibrant ecosystem. This strategic augmentation not only leverages our existing strengths but also harnesses the benefits of the Stablecoin Studio toolkit, ensuring streamlined operations, robust programmability, and enhanced due diligence capabilities. This synergy reflects our aligned commitment to innovation, efficiency, and a successful stablecoin ecosystem," said Effie Dimitropoulos, CEO – AUDD, Novatti Group.
"OpenZeppelin is excited to be supporting the Stablecoin Studio codebase with ready-to-use monitoring templates for Defender, our premier security operations platforms. By giving developers turn-key monitoring available upon deployment, Defender ensures they always receive real-time alerts on the security posture of their stablecoin in line with Hedera's reputation as an enterprise-grade network," said Michael Lewellen, Head of Solutions Architecture at OpenZeppelin.
"Stablecoin Studio will expedite time to market for organizations building stablecoins on Hedera through a standardized set of libraries, tools, and smart contract patterns. Validation Cloud is excited to support Stablecoin Studio with Hedera Mirror Node and JSON-RPC Relay access, through Validation Cloud's Node API product," said Kasey Alusi, Validation Cloud VP of Engineering.
"Partnering up with these organizations is a natural next step in our work to build the market infrastructure institutions need to enter digital assets at scale, and without compromise on security." Said Thierry Janaudy, CTO of R&D at Zodia Custody. "Token issuance, naturally, is a big part of this. Together, we're providing institutions with the tools to get the most out of innovative blockchain technology, be it for tokenising real-world assets, or using stablecoins for payment solutions."
For more information, visit www.hedera.com, or follow us on Twitter at @Hedera Admin, Telegram at t.me/hederahashgraph, or Discord at www.hedera.com/discord. The Hedera whitepaper can be found at www.hedera.com/papers.
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