- Hedera has launched an all-in-one toolkit, Stablecoin Studio, that simplifies the development and launch of a stablecoin.
- The new solution coupled with the network’s low fees, high performance, and cutting-edge technology is a welcome product by institutional issuers, enterprises, and payment providers.
Earlier this week, the Hedera network announced the launch of Stablecoin Studio; an all-in-one toolkit for stablecoin issuance. Hedera Hashgrap announced the launch of the new toolkit at this year’s Token 2049 in Singapore. The new product will attract institutional issuers, enterprises, and payment providers looking to launch their own stablecoin.
Stablecoin Studio is an open-source SDK that makes it easy for web3 stablecoin platforms to build stablecoin applications on the Hedera network. This is an innovative product that welcomes all interested parties regardless of their technical understanding of the technology behind stablecoins.
1/ We are excited to announce the #Hedera #Stablecoin Studio: the all-in-one stablecoin configuration, issuance, and management toolkit tailored for #web3 platforms, institutional issuers, enterprises, and payment providers alike.
Explore ➡️ https://t.co/JYoPGw8Bt4 pic.twitter.com/y8M22fQx4V
— Hedera (@hedera) September 13, 2023
In addition to offering high performance, low transaction fees, and a seamless experience, the Hedera network will offer an end-to-end stablecoin solution with proof-of-reserve, dedicated custodians, and network-native KYC/AML flagging. On top of launching, issuers will have access to a comprehensive management toolkit, allowing for streamlined digital asset operations.
At the Token 2049 conference, various industry players tested Hedera Stablecoin Sudio, including Andre Chan, the Innovation Lead at SCBTechX. “Modules like these enable technologists like ourselves to focus on use case innovation, standardizing the way we build and innovate on top of Hedera,” reported Chan on the test.
The launch of this toolkit could go a long way to bringing mass adoption of digital assets. Furthermore, it could drive the adoption of the Hedera network, enabling it to compete with other notable projects such as Ripple, Ethereum, and Cardano.
Launched in 2020, Hedera has become one of the most popular projects in the market. In part, its success is because the decentralized public network is owned and governed by some of the largest companies in the world. These include Boeing, Deutsche Telekom, DLA Piper, FIS (WorldPay), Google, IBM, LG Electronics, Magalu, Nomura, Swirlds, Tata Communications, and University College London (UCL).
The latest development might suggest that some of these companies might be looking to launch a stablecoin in the near future. In addition, the mentioned companies have stamped their approval on the project and its subsequent developments.
Following this launch, Hedera’s native token HBAR has recorded a positive weekly performance. At the time of press, the 31st ranked altcoin by market cap is exchanging for $0.050320. However, the coin has lost nearly 91 percent of its value since achieving its all-time high of 0.569229 around two years ago. Earlier this year, the project faced a $575,000 loss after being infiltrated by cybercriminals. This attack led to the mainnet being shut down temporarily.