Stably recently announced the launch of its ZEN USD stablecoin on the Horizen EON network. The integration will allow ZUSD to access massive scalability.
Stably, an up-and-coming provider of financial technology is committed to fueling the growth of the Web3 community. That is why it has established a fiat ramp infrastructure and an advanced stablecoin.
The network is also committed to revolutionizing global economic conditions via DeFi, stablecoins, and digital assets. Given this aim, Stably’s collaboration with Horizen seems natural.
As the first stablecoin to debut on the EON network, ZUSD is backed by the US currency. Horizen Labs and Stably collaboratively developed the stablecoin. Stably reports that ZUSD is collateralized with USD-denominated instruments, including money market funds, bank deposits, and USDC.
Each ZUSD token can be bought or mined for one US dollar or one unit of USDC by KYC-verified users. ZEN USD is in accordance with OFAC sanctions, BSA/AML rules, and FinCEN’s convertible virtual currency guidance.
A collaboration with Stably can also work wonders for Horizen, as the network has been under the spotlight lately. The network recently released its EVM-compatible sidechain, the Horizen EON mainnet. Horizen has designed the sidechain to help the Web3 community elevate its operations.
With their latest partnership, Stably and Horizen will be able to progress their individual and collective goals further. Stably believes that joining hands with Horizen EON facilitates:-
- User-centered infrastructure
- EVM compatibility
- Scalability
- A solution to prevalent chain challenges
- A commitment to follow core values
Given the attributes, Stably made a reasonable decision to launch ZUSD on the Horizen EON. Each side is committed to using the other’s technical ecosystem to push blockchain and Web3 forward. Their collaboration positions the parties ahead of the competition while boosting the Web3 economy.
Source: https://www.cryptonewsz.com/zen-usd-stablecoin-launches-on-horizen-eon-network/