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Stablecoin Standard and Aleph Zero Announce Strategic Partnership to Facilitate the Future of On-Chain Commerce

Mar 7, 2024

AI Summary

Here's your AI summary of Stablecoin Standard and Aleph Zero Announce Strategic Partnership to Facilitate the Future of On-Chain Commerce on Aleph Zero blog

Top 10 key takeaways:

  1. Strategic Partnership: Stablecoin Standard and Aleph Zero have announced a strategic partnership to enhance on-chain commerce.

  2. Privacy Focus: The partnership emphasizes the importance of privacy in blockchain transactions, aiming to provide users with control over their personal information.

  3. Global Engagement: Aleph Zero is engaging with top stablecoin issuers globally, representing 17 different fiat currencies including CAD, CHF, EUR, GBP, HKD, JPY, and USD.

  4. Multiple Settlement Options: The collaboration aims to provide Aleph Zero ecosystem users with multiple on-chain settlement options in their domestic currencies.

  5. AML and CFT Compliance: Aleph Zero’s privacy features also address anti-money laundering (AML) and countering the financing of terrorism (CFT) requirements.

  6. E-commerce and Payments: The partnership aims to facilitate private, legally-compliant, and censorship-resistant transactions ideal for e-commerce and payments.

  7. Confidentiality for Businesses: Aleph Zero aims to provide a higher degree of confidentiality for businesses conducting on-chain transactions to protect sensitive information.

  8. On-Chain FX and Remittance: The partnership will explore use cases such as on-chain foreign exchange (FX) and instantaneous international remittance.

  9. Compliant-Privacy Features: Aleph Zero offers compliant-privacy features like shielded transactions and assets, providing the anonymity expected from traditional payments.

  10. Next-Generation Web3 Adoption: By combining speed, safe havens, and transaction privacy, the partnership aims to provide the ideal infrastructure for the next generation of web3 adoption.

AI Summary

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

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.

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.

Matthew Niemerg, co-founder of Aleph Zero, said:

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.

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