London, United Kingdom, March 7th, 2024, Chainwire
Stablecoins pegged to fiat currencies are key for mainstream blockchain adoption, but only if transactions remain private.
Stablecoin Standard, the industry body for stablecoin issuers globally, and Aleph Zero, a privacy-enhancing layer 1 blockchain announce their strategic partnership aimed at stimulating commerce on chain.
By partnering with Stablecoin Standard, Aleph Zero is engaging with most of the top stablecoin issuers around the world, currently representing 17 differently denominated currencies, including CAD, CHF, EUR, GBP, HKD, JPY and USD. The objective is to enable users of the Aleph Zero ecosystem to have multiple safe harbors on-chain that they can settle in, no matter where they are based. As Stablecoin Standard aggregates more fiat-backed stablecoin issuers, Aleph Zero users will have greater access to on-ramp and settlement options denominated in their domestic currencies.
Stablecoin Standard and Aleph Zero recognize that true privacy is not about hiding all information, but rather, empowering people to choose selectively what they share. Privacy means giving individuals control over their personal information, just as they have in traditional finance and the real world.
Consumers expect their transactions to be private by default, so the adoption of stablecoins on privacy-focused blockchains is set to shape the future of web3 commerce. However, Aleph Zero’s privacy also actively addresses anti-money laundering (AML) and countering the financing of terrorism (CFT) requirements. By combining price-stable cryptocurrencies with inherent on-chain anonymity, these networks allow for private, legally-compliant, and censorship-resistant transactions ideal for e-commerce and payments.
“Historically, we talk about fast speeds, low costs and transparency when showcasing the benefits of the next generation of blockchains. However, if we expect private businesses to conduct business on-chain, there will need to be a higher degree of confidentiality to protect sensitive information. Aleph Zero is solving this problem and will unlock the true potential of commerce on chain” states Christian Walker, Chairman & Co-Founder of Stablecoin Standard.
Aside from reconciling in local currencies for businesses on-chain, other exciting use cases that will be explored include on-chain FX and instantaneous international remittance.
Matthew Niemerg, co-founder of Aleph Zero, said: “As one of the fastest layer 1 blockchains, we envision many real-world use cases for Aleph Zero. Our partnership with Stablecoin Standard opens up multiple possibilities and will provide vital services for users who want to transact with stablecoins. With inherent compliant-privacy features like shielded transactions and assets, Aleph Zero can offer the anonymity expected from traditional payments – setting the stage to bring commerce on-chain. By combining speed, safe havens, and transaction privacy, we aim to provide ideal infrastructure for the next generation of web3 adoption.”
For media inquiries or further information, users can contact [email protected].
Representatives from Stablecoin Standard and Aleph Zero are available for interviews to discuss this release.
About Stablecoin Standard
Stablecoin standard the industry body for stablecoin issuers globally, focused on real world applications for stablecoins. We share international best practices, business development use cases, industry led working groups, define what a high quality liquid stablecoin should look like, and engage with policymakers domestically & internationally.
About Aleph Zero
Aleph Zero is a layer 1 blockchain engineered for speed, data confidentiality, and ease of development. It achieves efficiencies akin to conventional web2 systems, upholds rigorous standards for data protection via ZKP and MPC, and offers a comprehensive toolset for WASM-based web3 development in Rust. Aleph Zero’s versatility is highlighted by over 40 use cases being actively developed, showcasing its adaptability across various sectors and applications. These use cases are part of an engaged community and growing ecosystem of web3 applications that are supported by Aleph Zero programs.
For more information about Stablecoin Standard and Aleph Zero, please visit their respective websites at stablecoinstandard.com and alephzero.org.
Contact
PR Manager
Josh Adams
Aleph Zero
[email protected]
