-
The four stablecoins on its platform include Agant, Noon, Deep Blue, and AEDX.
-
They include USD, GBP, and AED-backed stablecoins.
-
Issuing the new stablecoins on Concordium will help expand the payment finance (PayFi) ecosystem on the Layer 1 blockchain.
Layer 1 blockchain Concordium, known for providing an enterprise-focused platform, has announced that four leading stablecoin platforms will issue their assets natively on its chain. The companies issuing the stablecoins are Noon (USN), Deep Blue (DBUSD), Agant (GBPA), and AEDX (AEDX). The companies will leverage Concordium Protocol-Level Token technology to power their stablecoins and join its growing PayFi ecosystem.
Concordium CEO, Boris Bohrer-Bilowitzki, was delighted with the partnership, stating the projects will help grow the blockchain ecosystem. Adding to his statement on the issued stablecoins, Bohrer-Bilowitzki stated:
“Not only do these partnerships reflect the success of our platform and its ability to support smart contract-less execution, but it underline 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.”
Additionally, the stablecoins on Concordium will benefit from being natively issued and held directly in wallets with no smart contracts. This eliminates common attack vectors that are present on smart contract chains such as Ethereum and Solana, significantly reducing risk.
The first stablecoin to be added is GBPA, a stablecoin pegged to the British pound at a 1:1 ratio. The coin is issued by Agant, a UK-based firm that is also a member of the Digital Pound Foundation and Stablecoin Standard.
USN, a USD-pegged stablecoin issued by Noon Capital, will also be issued on the Concordium blockchain. The stablecoin is 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. Recently launched, the stablecoin has gradually grown to a $33 million market cap.
Thirdly, the DBUSD offered by Deep Blue and backed by USD reserves is Jersey’s first-ever stablecoin, a mark of the Crown dependency’s progressive approach to fintech innovation. Speaking on the latest issuance of its stablecoins on Concordium, Julien Bahurel, CEO and co-founder of Deep Blue, said:
“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.”
Finally, the AEDX is offered by a company of the same name, is pegged to the UAE Dirham (AED), and is integrated with major financial and commercial entities, particularly in the MENA and CIS markets. The stablecoin is dubbed “the stablecoin for a better world” and will launch its pilot phase with 5 million AEDX tokens expected to be issued. In the future, AEDX plans to scale to 1 billion over the next 3-5 years based on market acceptance and demand.
The stablecoins poised to be deployed on Concordium are pegged to three different fiat currencies in USD, GBP, and AED, supporting global adoption. Their introduction reinforces Concordium’s reputation as a leading L1 for stablecoin issuance and extends the opportunities available to users within its growing PayFi ecosystem.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice
Credit: Source link
