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HORIZEN LAB
NEWS RELEASE BY HORIZEN LABS
NEW YORK, NEW YORK November 06, 2023 11:06 AM Eastern Standard Time
In a significant collaboration between two innovators in the blockchain space, Horizen Labs and Stably are excited to introduce the ZEN USD (symbol: ZUSD) on the Horizen EON network. The launch marks the inauguration of the first natively-issued US Dollar stablecoin on the EON network, a cutting-edge EVM-compatible sidechain and smart contract platform developed by Horizen. ZUSD, the outcome of a collaborative effort between Stably and Horizen Labs, is a fully-backed US Dollar stablecoin. The collateral for ZUSD is held in liquid USD-denominated assets by a designated trustee for the benefit of verified ZUSD token holders. This ensures that each ZUSD token can be minted or redeemed at a 1-to-1 rate with USD or USDC by users who passed Stably's KYC verification process. Administered by Stably’s Wyoming-based registered money service business subsidiary, ZUSD is issued in compliance with FinCEN’s convertible virtual currency guidance (FIN-2019-G001), including BSA/AML regulations and OFAC sanctions. Additionally, periodic attestations will be performed by an independent attestor to verify that every ZUSD token in circulation is backed 1-to-1 with collateral. “This partnership with Stably is a major step towards achieving a more interconnected and seamless blockchain ecosystem. The integration of Stably's stablecoin infrastructure with Horizen EON's platform will not only enhance the user experience but also pave the way for a more robust and compliant digital asset space,” says Rob Viglione, Co-founder of Horizen and CEO of Horizen Labs. The Horizen EON network, through its unique capabilities, has positioned itself as a preferred platform for innovative projects, as evidenced by the collaboration with Stably for the launch of ZUSD. Horizen EON's notable compatibility with the Ethereum Virtual Machine allows projects to smoothly integrate tools and resources from the Ethereum ecosystem. Furthermore, EON's commitment to scalability ensures the platform remains consistently efficient, even as adoption surges and transaction volume grows. The network's developer-centric approach played a pivotal role in enabling Stably to deploy ZUSD on Horizen EON in just under two months. Beyond these technical merits, Horizen EON proactively addresses challenges prevalent in other chains, including inadequate tooling, network congestion, and potential centralization pitfalls. The alignment of core values between Horizen EON and network supporters like Stably, with an emphasis on transparency, security, community engagement, and growth, underscores Horizen EON's mission to be at the forefront of the Web3 economy. “I’ve personally met and known Robert Viglione since 2018 and we have been talking about stablecoin collaboration for a long time,” said Kory Hoang, Co-founder and CEO of Stably. “It’s great to finally make it a reality and Stably is excited to continue working together with Robert and the team behind Horizen as well as the community for many years to come!” Global users can now mint or redeem ZUSD on the EON network through various payment methods—including ACH, Fedwire, Visa, Mastercard, and other major stablecoins like USDC—through Stably Ramp, a powerful on/off-ramp widget. Stably Ramp can also be integrated seamlessly with third-party applications like Web3 wallets and DeFi protocols, making digital asset transactions, including ZUSD, more accessible at competitive rates. About Horizen EON Horizen EON is a fully EVM-compatible smart contracting platform and the first of many smart contract sidechains in the Horizen ecosystem. It allows developers to efficiently build and deploy decentralized applications (dapps) on Horizen, the layer 0 public blockchain, while fully benefiting from the Ethereum ecosystem. EON is built with scale and user experiences in mind, on Horizen’s powerful horizontally scaling protocol, Zendoo. To learn more, visit eon.horizen.io
About Horizen Labs Founded in 2019, Horizen Labs is the leading web3 development company that specializes in zero-knowledge cryptography and key Web3 tools that enable programmable blockchains that are secure, scalable, and privacy-preserving. Horizen Labs is the development company engaged by the Horizen DAO to provide technical support to Horizen and the Horizen EON network. To learn more, visit horizenlabs.io About Stably Stably is a venture-backed FinTech company headquartered in Washington, with a registered money service business subsidiary in Wyoming. The company offers regulatory-compliant Stablecoin-as-a-Service (SCaaS) and fiat on/off-ramp infrastructure to emerging blockchains, Web3 applications, and financial institutions. By leveraging Stably's solutions, users from 170+ countries/regions can effortlessly onboard to buy, sell, or swap digital assets at competitive rates across various blockchain networks via stablecoin or fiat payments. To learn more, visit stably.io.
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1766367 06-Nov-2023