Horizen Labs and Stably Launch ZUSD Stablecoin on EON Blockchain
Horizen Labs, the company behind Horizen DAO, has teamed up with Stably, a fintech company based in Washington, to introduce the Zen USD (ZUSD), the first stablecoin on Horizen’s EON blockchain. This collaboration allows users to mint or redeem ZUSD on the EON network using various payment methods, including ACH, Fedwire, Visa, Mastercard, and other stablecoins like USDC, via Stably Ramp.
Stably Ramp is an on/off-ramp tool that can be integrated with third-party applications such as web3 wallets and decentralized finance (defi) protocols. According to Rob Viglione, co-founder of Horizen and CEO of Horizen Labs, this partnership is a significant step toward creating a more interconnected and seamless blockchain ecosystem.
The primary goal of this partnership is to promote blockchain interoperability and stablecoin innovation. The ZUSD stablecoin provides a reliable means of exchange and a store of value by closely mirroring the USD’s value.
ZUSD Stablecoin Compliance and Management
The ZUSD stablecoin adheres to FinCEN’s convertible virtual currency guidance, including BSA/AML regulations and OFAC sanctions. Collateral for ZUSD is held in USD-denominated liquid assets by a trustee appointed to benefit verified ZUSD holders. Each ZUSD can be minted or redeemed at a 1-to-1 rate with USD or USDC by users who have completed Stably’s know-your-customer (KYC) verification process. There will be periodic attestation to verify that every ZUSD token in circulation is sufficiently backed.
Additionally, the stablecoin will be managed by Stably’s Wyoming-based registered money service business (MSB) subsidiary.
Horizen EON Platform Compatibility and Speed
This partnership showcases the compatibility of the Horizen EON platform with the Ethereum Virtual Machine (EVM), making it an attractive option for creative projects seeking speed, compatibility, and low fees. The network’s developer-centric approach has enabled Stably to deploy ZUSD on Horizen EON in less than two months.
Hot Take: The Future of Stablecoins on EON Blockchain
The launch of ZUSD marks a significant milestone for both Horizen Labs and Stably as they aim to foster greater interoperability and innovation in the stablecoin space. With its compliance measures and seamless integration with various payment methods, ZUSD has the potential to become a widely used stablecoin within the crypto ecosystem.
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