The enterprise-grade Layer 1 blockchain, Concordium, is set to significantly expand its stablecoin offerings, announcing that four distinct platforms – Agant, Noon, Deep Blue, and AEDX – will issue their respective stablecoins natively on its network.
This move leverages Concordium’s unique protocol-level token technology and aims to integrate these new assets into its burgeoning PayFi (Payments Finance) ecosystem.
Enhanced security through native issuance
A key draw for these platforms is Concordium’s architecture, which allows stablecoins to be issued and held directly within user wallets at the protocol level, circumventing the need for intermediate smart contracts for core token functionality.
This approach inherently mitigates common attack vectors prevalent on smart contract-heavy chains like Ethereum or Solana, offering a significantly enhanced security posture for stablecoin holders and issuers.
Concordium CEO Boris Bohrer-Bilowitzki expressed enthusiasm for the collaborations: “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.”
Meet the diverse cohort of stablecoins
The incoming stablecoins represent a variety of fiat pegs and strategic focuses:
Agant (GBPA): Hailing from the UK, fintech firm Agant is launching GBPA, a stablecoin fully backed by reserves and pegged to the British Pound Sterling. As a member of the Digital Pound Foundation and Stablecoin Standard, Agant aims to seamlessly connect traditional finance with DeFi, fostering financial inclusion and simplifying international payments.
Noon (USN): Noon introduces USN, pegged to the US Dollar. Users can mint USN by depositing collateral like USDT or USDC, which Noon then strategically deploys into delta-neutral yield-generating strategies. Having recently launched its public beta, Noon has rapidly accumulated a Total Value Locked (TVL) of $33 million, backed by a team with experience spanning TradFi giants (McKinsey & Company, Goldman Sachs) and Web3 leaders (Aave, OKX).
Deep Blue (DBUSD): Deep Blue is issuing DBUSD, a USD-reserve-backed stablecoin notable for being the first ever stablecoin launched from Jersey. This launch highlights the Crown Dependency’s forward-thinking stance on financial technology innovation.
AEDX (AEDX): Pegged to the UAE Dirham (AED), AEDX positions itself as “the stablecoin for a better world.” It boasts integration with major financial and commercial entities, particularly targeting the MENA (Middle East and North Africa) and CIS (Commonwealth of Independent States) markets. An initial pilot phase anticipates issuing 5 million AEDX tokens, with ambitious plans to scale up to 1 billion tokens over the next 3-5 years based on adoption. A significant portion of AEDX’s profits are pledged towards funding public goods and charitable causes.
Bridging TradFi and Web3
The strategic importance of launching on Concordium was echoed by the issuers.
“Launching DBUSD on Concordium is an important milestone in our roadmap, and a reflection of our vision to bridge traditional finance and Web3,” stated Julien Bahurel, CEO and co-founder of Deep Blue.
We are looking forward to redefining how stablecoins can power cross-border finance with trust and efficiency in the years ahead.
Strengthening Concordium’s stablecoin hub
The addition of stablecoins pegged to USD, GBP, and AED significantly broadens the geographic reach and utility within Concordium’s ecosystem.
It reinforces the blockchain’s growing reputation as a prime Layer 1 destination specifically tailored for secure stablecoin issuance.
Concordium’s design philosophy, emphasizing real-world applicability through features like its built-in identity layer and the security advantages of protocol-level token technology without reliance on smart contracts for basic issuance, positions it attractively for institutions seeking a robust and secure platform for entering the dynamic world of on-chain finance.
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