Hedera Hashraph unveils Stablecoin Studio: HBAR price pops

September 13, 2023 10:05 PM AEST | By Invezz

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Hedera Hashraph unveils Stablecoin Studio: HBAR price pops — Image source: Invezz

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Hedera Hashgraph (HBAR) has unveiled a new product aimed at financial services companies. In a statement, the developers launched Stablecoin Studio, a suit of products that will help these firms launch and scale their stablecoins.

Stablecoin Studio has all the features that financial firms and other enterprise customers need to build these coins. Some of these solutions are network native KYC/AML flagging, proof-of-reserves, and dedicated custodians.

Additionally, stablecoin issuers on Hedera will benefit from the scalability and low fees that the network is known for. Unlike Ethereum, Hedera Hashgraph can handle over 10,000 transactions per second. Its fees are also reasonable at just $0.001 per transfer. Visa, which is used by billions of people, can handle over 24,000 TPS.

Hedera’s Stablecoin Studio is already in use by leading companies like Standard Bank, Shinhan Bank, and Cathay Bank.

3/ With #Hedera’s predictable fees, high programmability, and robust network of ecosystem partners, #stablecoin issuance and management have never been simpler – everything you need to build and configure stablecoins with ease.

Welcome to the Stablecoin Studio.#HelloFuture
— Hedera (@hedera) September 13, 2023

Hedera’s new product comes at a time when demand for stablecoins is still growing. For example, Tether and USD Coin have a market cap of over $83 billion and $26 billion, respectively. Dai, the third-biggest stablecoin in the world, has a market cap of more than $5.3 billion and PayPal recently unveiled PYUSD.

Hedera is entering an industry that is highly competitive, with the key blockchains being Tron, Ethereum, Arbitrum, and Stellar.

Most importantly, there are concerns about stablecoins regulations as the total assets in the industry continue growing. The key area of concern is the safety of assets backing these coins.

While companies like Circle publish their audited reserves, regulators are concerned about bad actors, especially after the collapse of Terra USD in 2023.

HBAR price rose by more than 3% after the news. Still, it remains over 53% below the highest level in 2023.

The post Hedera Hashraph unveils Stablecoin Studio: HBAR price pops appeared first on Invezz.

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