Four New Stablecoins to Launch on Concordium L1, Boosting PayFi Ecosystem

• Stablecoins that are going to be deployed on Concordium are tied to three distinct fiat currencies: the USD, GBP, and the AED.
• Concordium makes it possible for institutions to launch stablecoins natively without the need of smart contracts, therefore opening the way for a vibrant new age of digital finance on the blockchain.

According to an announcement made by Enterprise-oriented blockchain Concordium, four of the most prominent stablecoin platforms will issue their assets natively on its chain. In order to power their stablecoins and become part of Concordium’s expanding PayFi ecosystem, Agant, Noon, Deep Blue, and AEDX have made the decision to use the Protocol-Level Token technology that Concordium has developed.

Due to the fact that they are natively issued and kept directly in wallets, the four stablecoins that will be launched on Concordium will benefit from the absence of smart contracts. This removes typical attack vectors that are available on smart contract chains like Ethereum and Solana, which results in a huge reduction in risk.

Concordium CEO Boris Bohrer-Bilowitzki said:

“We are delighted to welcome such exciting projects to our evolving ecosystem. 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. We look forward to working more closely with Agant, Noon, Deep Blue, and AEDX and to welcoming more innovative projects into our ecosystem.”

Agant, a financial technology company located in the United Kingdom, is the creator of GBPA, a stablecoin that is entirely backed by reserves and is tied to the British pound sterling. In order to promote financial inclusion and ease seamless international transactions, Agant, which is a member of both the Digital Pound Foundation and the Stablecoin Standard, is working to bridge the gap between conventional fiat currency systems and decentralized finance (DeFi).

USN, the USD-pegged stablecoin that is issued by Noon, may be minted by depositing collateral in the form of Tether (USDT) or USD Coin (USDC). The collateral can then be deployed into delta-neutral strategies in order to create yield. Despite the fact that Noon’s TVL has already reached $33 million, the company’s staff has a solid combination of TradFi and Web3 expertise, with members coming from companies like as McKinsey & Company, Goldman Sachs, Aave, and OKX. Furthermore, the company has released its public beta in recent weeks.

Both Deep Blue and AEDX are responsible for the issuance of the remaining stablecoins, which are DBUSD and AEDX, respectively. The DBUSD is Jersey’s very first stablecoin, and it is a symbol of the Crown dependency’s forward-thinking attitude to the development of financial technology. It is supported by USD reserves. AEDX, which has been nicknamed “the stablecoin for a better world,” is integrated with important financial and commercial institutions, mostly in the Middle East and North Africa (MENA) and Central Asian (CIS) markets. It is tied to the United Arab Emirates Dirham (AED).

In the course of its pilot period, it is anticipated that 5 million AEDX tokens would be distributed. Depending on the level of market acceptance and demand, the number of tokens might potentially increase to 1 billion during the next three to five years. The majority of AEDX’s revenues are committed to providing contributions to nonprofit organizations and public purposes.

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.”

Stablecoins that are going to be deployed on Concordium are tied to three distinct fiat currencies: the USD, GBP, and the AED. This will enable worldwide adoption. Concordium’s position as a premier L1 for stablecoin issuance is strengthened by their debut, and the options that are open to users inside its expanding PayFi ecosystem are expanded as a result. The built-in ID layer and protocol-level token technology of the blockchain made it an ideal venue for the issuance of stablecoins since they considerably minimize the risk of security breaches. The blockchain was designed to satisfy the requirements of apps that are used in the real world. Concordium makes it possible for institutions to launch stablecoins natively without the need of smart contracts, therefore opening the way for a vibrant new age of digital finance on the blockchain.

Concordium is a scalable Layer 1 blockchain that provides a unique identity layer at the protocol level. This layer ensures that user interactions are verified and confidential, and it is enabled using zero-knowledge proof technology. The research-backed chain was established in 2018, and it enables Smart Money with programmable protocol-level tokens, advanced PayFi features such as time releases and compliance controls, and secure ID-based geofencing for cross-border transactions. As a result, it is the chain of choice for enterprise-ready stablecoins that are willing to adhere to new regulatory frameworks while also achieving real-world adoption.