Paris, France, April 10th, 2024, Chainwire
Archblock, a leading innovator in the world of fiat-backed stablecoins and blockchain technology, is proud to announce the launch of 1USD, the first stablecoin on Aleph Zero, a privacy-focused layer-1 blockchain. This groundbreaking development not only introduces a stable medium of exchange within the Aleph Zero ecosystem but also paves the way for explorations around privacy-enhanced stablecoins.
1USD is a native stablecoin on Aleph Zero, collateralized by cash and cash equivalents and redeemable at a 1:1 ratio with the US dollar. This stablecoin aims to give users of the Aleph Zero network a reliable and stable means of exchange while leveraging the inherent benefits of blockchain technology.
The transparency of public blockchains poses a significant challenge to the widespread adoption of cryptocurrencies. While transparency is often seen as a benefit, enabling trust and accountability, it stands in stark contrast to the level of privacy users expect from traditional financial systems. The open nature of most stablecoins, where wallet balances and transactions are fully visible, can deter both individuals and institutions from fully embracing these assets.
However, the launch of 1USD on Aleph Zero, a privacy-focused blockchain, aims to solve this problem. By leveraging Aleph Zero's advanced privacy features, 1USD offers users the stability of a stablecoin while ensuring that their financial activities remain confidential. This innovative approach bridges the gap between the transparency of blockchain technology and the privacy expectations of traditional finance, paving the way for greater adoption of stablecoins and unlocking their full potential in the global financial ecosystem.
According to the team the launch of 1USD on Aleph Zero opens up a world of possibilities for users and developers alike. Aleph Zero's focus on data confidentiality and speed, combined with the stability of 1USD, creates an ideal environment for a wide range of applications. From secure financial transactions to privacy-preserving decentralized finance (DeFi) solutions, 1USD on Aleph Zero is poised to drive the next wave of innovation in the blockchain space.
"1USD marks a pivotal moment in Archblock's journey to revolutionize the stablecoin landscape," said Christian Walker, Director of Partnerships of Archblock. "As the latest addition to our portfolio of fiat-backed stablecoins, 1USD is more than just another digital asset; it's a testament to our commitment to driving innovation and expanding access to financial opportunities. Stablecoins have become the backbone of the crypto ecosystem, and with 1USD, we're opening the doors to a new era of privacy-enhanced stablecoins that will redefine the way we interact with digital assets.”
"Aleph Zero is excited to welcome 1USD as the first stablecoin on our privacy-focused blockchain," said Matthew Niemerg, co-founder at Aleph Zero. "Our platform is built on the principle of enabling users to transact with confidence, knowing that their personal data is protected by advanced privacy features while remaining fully compliant with regulatory requirements. The launch of 1USD on Aleph Zero represents a significant step forward in the evolution of stablecoins, offering users the stability of a fiat-pegged asset, the privacy they expect from cash, and the assurance of full compliance".
For more information about 1USD and Archblock's Stablecoins portfolio, users can visit here or for any enquiries about this release, please contact josh@serotonin.co
About Archblock Stablecoins
Archblock is expanding access to financial opportunities and global trade with its Archblock Stablecoins portfolio and Archblock Marketplace. Archblock Stablecoins offers the technical and operational foundation to build white-label stablecoins for others, and operates a portfolio of fiat-backed stablecoins. For more information about Archblock Stablecoins, please contact Archblock at support@archblock.com.
About Aleph Zero
Aleph Zero is a layer 1 blockchain engineered for speed, data confidentiality, and ease of development. It achieves efficiencies akin to conventional web2 systems, upholds rigorous standards for data protection via ZKP and MPC, and offers a comprehensive toolset for WASM-based web3 development in Rust. Aleph Zero’s versatility is highlighted by over 40 use cases being actively developed, showcasing its adaptability across various sectors and applications. These use cases are part of an engaged community and growing ecosystem of web3 applications that are supported by Aleph Zero programs.
ContactPR ManagerJosh AdamsAleph Zerojosh@serotonin.co