Hedera has announced that Stablecoin Studio is now live on its network. This greatly benefits its users, who will now be able to develop, deploy, and oversee the management of stablecoin applications. It will simultaneously accelerate the way in which innovative apps make their way into the market. Those who will benefit from this are institutional issuers, platforms, payment providers, and enterprises.
Stablecoin Studio enters the ecosystem as an all-in-one toolkit. Meaning, it has all the required functionalities that need to be leveraged: KYC/AML, proof-of-reserves functionality, and commercial custody provider integration points. The offering is backed by the collaboration of The HBAR Foundation, Swirlds Labs, and Hedera, along with ioBuilders.
Stablecoin Studio goes live under the license of Apache 2.0. What makes the usage of the open-source SDK user-friendly is the fact that those who implement the toolkit can do so without involving any experts from the technology sphere. Needless to say, they do provide advancements when required. However, for the basic implementation up to the level of near-perfection, there will be no need to bring in an expert.
Kim Byung Hee from Shinhan Bank has expressed their excitement with the introduction of Stablecoin Studio. The Chief of the Blockchain Division of the bank has also shed light on the fact that they did use Studio and found it convenient while performing the stablecoin remittance PoC project.
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Others who have praised the initiative are Andre Chan from SCBTechX and Nicholas from TABEI.
Andre has said that technologies like Stablecoin Studio help them focus more on use-case innovation instead of spending time doing the basics. The Innovation Lead from the company is now eager to see how the community at large uses the facility to create something interesting. They, too, used its capabilities for the stablecoin remittance PoC project.
The Director of TABEI has acknowledged the hard work that was done by the team, stating that the journey has been marked by relentless and true teamwork. Nicholas has also expressed their pride in working as a partner in stablecoin PoC on Hedera.
A reason why there is a rising shift in interest in stablecoins is that they have the potential to help the banking segment bring more stability, liquidity, and accessibility. Plus, they help teams accelerate their work in development and take their products to market as quickly as possible. Jared Lindolent, the Lead Developer of Blockchain for Standard Bank, has echoed similar words.
Jared has said that the bank is a governing council member and is working to introduce this accelerator to their project teams.
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The two factors of Stablecoin Studio that are helping the product gain traction are the TypeScript SDK and CLI. They are ideally tasked with streamlining interactions with smart contracts and enhancing the speed at which the concerned members undertake operations and developments.
