Stablecoin Standard, the industry body for stablecoin issuers globally, has announced that Fireblocks, an enterprise platform for building blockchain applications and managing digital asset operations, has joined as an industry partner to help establish security standards for the issuance of stablecoins.
Stablecoins – a type of digital asset whose value is pegged to a specific asset or basket of assets – offer a host of benefits in areas such as cross-border and tokenized money payments, including enabling instant transactions, increasing efficiency, and reducing costs. They also continue to serve as a crucial gateway, or on- and off-ramp, between traditional fiat currencies and the digital asset ecosystem, with the fiat-backed stablecoin market capitalization currently valued at $151.5 billion.
As a leading digital asset infrastructure provider and multi-party computation (MPC) technology pioneer, Fireblocks ensures the secure moving, storing, and issuing of digital assets, having secured the transfer of over $6 trillion in digital assets. Since its first bank-issued stablecoin in March 2022, Fireblocks has delivered more than 10 stablecoin projects and is in active conversations with more than 25 banks globally who are exploring the creation of bank-issued stablecoins or tokenized deposits. Within the next two years, Fireblocks expects the value of tokenized money on the blockchain to reach $450 billion.
Stablecoin Standard will leverage Fireblocks’ expertise in this realm, drawing from its extensive experience with deploying and securing smart contracts across 70+ blockchains – including public, private, and permissioned blockchains – for some of the largest financial institutions in the world such as ANZ Bank, Tel Aviv Stock Exchange, and Bank of International Settlements (BIS) Innovation Hub’s Project Mariana.
Ran Goldi, SVP Payments and Network at Fireblocks, who joins the Stablecoin Standard’s Advisory Board, said, “Becoming a member of Stablecoin Standard aligns with Fireblocks’ mission of enabling every business to easily and securely support digital assets, ensuring security is front and center of stablecoin issuance. We believe that all forms of money will be tokenized, and to make sure we are not creating a non-interoperable world, we need to put in the work, and collaborate as an industry on the fundamental standards moving forward.
Varun Paul, Senior Director, Financial Market Infrastructure & CBDC Business Lead at Fireblocks, also joins Stablecoin Standard’s Policy Working Group. Paul previously spent over 14 years at the Bank of England (BoE), most recently serving as the Head of its Fintech Hub.
Christian Walker, Chairman & Co-founder of Stablecoin Standard, commented, “In working with Fireblocks, we hope to leverage their extensive expertise in building best-in-class wallet infrastructure, setting the industry standard for both compliance and security for digital asset wallets. Having Fireblocks onboard will be key as we look to push these standards globally, and we look forward to collaborating with more experts to establish comprehensive industry standards for what is arguably digital assets’ strongest use case: stablecoins.”
Stay Ahead of the Financial Curve with Our Latest Fintech News Updates!
