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Hedera, a decentralized, open-source, proof-of-stake public ledger, on Wednesday announced the launch of open-source stablecoin issuance and management toolkit “Stablecoin Studio.” It will provide an all-in-one stablecoin tool for Web3 platforms, institutional issuers, enterprises, and payment providers to utilize Hedera Network services to quickly configure, issue, and manage exclusive stablecoins on the Hedera network.
Hedera Launches Stablecoin Studio
Hedera during the Token 2049 event in Singapore on September 13 announced Stablecoin Studio, an open-sourced software development kit (SDK). It allows Web3 stablecoin platforms, institutional issuers, enterprises, and payment providers to build stablecoin applications using Hedera network services without technical expertise in blockchain technology.
Shayne Higdon, Co-Founder and CEO of the HBAR Foundation, said:
“For stablecoins to be widely adopted into mainstream payments and usage, stablecoin issuance and management needs to be customizable for any and all use cases. Stablecoin Studio provides that programmability, accelerating the era of modular and interoperable stablecoins for corporations, financial institutions, and retail.”
PayPal, JPMorgan, Shinhan Bank, SCB TechX, and others can leverage the Stablecoin Studio to build and manage applications. Also, Hedera-native KYC/AML account flags and configurations ensure regulatory compliance and security.
In addition, Hedera’s predictable fees, high programmability, and robust network of ecosystem partners make stable coin issuance and management simpler.
Also Read: Ripple President Makes Big Statement On Ripple Vs US SEC Lawsuit
HBAR Rises After the Announcement
HBAR price jumped 3% after the announcement, with the price currently trading at $0.048. The 24-hour low and high are $0.0466 and $0.0483, respectively. However, trading volume decreased 25% in the last 24 hours, indicating that whales or traders are taking the opportunity.
Hedera (HBAR) price skyrocketed by 15% after the announcement of FedNow supporting the Hedera-powered Dropp micropayments platform. Hedera price soared nearly 25% in a month amid new partnerships.
Also Read: Wall Street Estimates On US CPI Inflation; Bitcoin, Ethereum, XRP To Rebound?
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