Archblock launches new fiat-backed stablecoin

Archblock launches new fiat-backed stablecoin Duncan is an award-winning editor with more than 20 years experience in journalism. Having launched his tech journalism career as editor of Arabian Computer News in Dubai, he has since edited an array of tech and digital marketing publications, including Computer Business Review, TechWeekEurope, Figaro Digital, Digit and Marketing Gazette.

Archblock Stablecoins has launched 1USD, a new fiat-backed stablecoin anchored to the US Dollar.

The company said the stablecoin stands as a testament to its own technology, which it claimed is revolutionising the exchange medium, offering frictionless and secure transactions across borders and empowering seamless global commerce. Renaissance Ambition AG, a subsidiary of Archblock, is the issuer of 1USD and the stablecoin will initially be available on Ethereum and Aleph Zero.

Aleph Zero is a privacy-focused layer-1 blockchain. 1USD offers Aleph Zero network users the stability of a stablecoin while ensuring that their financial activities and data remain confidential. The partnership between Archblock Stablecoins and Aleph Zero bridges the gap between the transparency of blockchain technology and the privacy expectations of traditional banking, and creates an ideal environment for a wide range of business applications and use cases.

Archblock Stablecoins are built with transparency and regulatory compliance at the forefront. We ensure transparency and equal access to information by partnering with third parties for external, real-time attestations. Archblock’s aim is to use web3 enabled systems to democratize financial solutions that have historically been available only to those with access to traditional banking institutions. Whether investing in digital assets on-chain or transacting with businesses that accept digital currencies, our stablecoins offer a more efficient and cost-effective option.

An Archbloch spokesperson said: “Designed to overcome the limitations of traditional banking systems, Archblock is committed to leveraging the global potential of blockchain technology. Initially created as a secure and trusted on-and-off ramp for on-chain investors, Archblock’s stablecoin offering has evolved.

“It now serves as the foundation for next-generation financial services, taking advantage of blockchain’s immutability and efficient settlement processes. Stablecoins enable 24/7 transactions, promote financial inclusion, and reduce the friction and costs associated with traditional banking, allowing users to transact easily around the world.”

The Archblock Stablecoins portfolio is accessible across multiple blockchains and exchanges. It is available to all users who meet applicable KYC/AML requirements. 1USD is currently only available to users residing outside of the United States.

Want to learn more about blockchain from industry leaders? Check out Blockchain Expo taking place in Amsterdam, California and London.

Explore other upcoming enterprise technology events and webinars powered by TechForge here.

Tags: , , ,

View Comments
Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *