ZUSD: A Stablecoin Venture by Stably and Horizen Labs
ZUSD represents a strategic alliance between Stably and Horizen Labs, offering a stablecoin fully collateralized by USD assets and integrated within the innovative Horizen EON platform for a seamless blockchain experience.
ZUSD emerges from the partnership between Stably and Horizen Labs as a fully-backed US Dollar stablecoin. Designated trustees manage the collateral, which consists of liquid USD-denominated assets, for the benefit of verified ZUSD token holders. This ensures the ability to mint or redeem ZUSD tokens at a one-to-one rate with USD or USDC for users who pass Stably’s KYC verification process.
Regulated by Stably’s subsidiary, a registered money service business in Wyoming, ZUSD’s issuance adheres to the guidance of FinCEN’s convertible virtual currency regulations (FIN-2019-G001), encompassing BSA/AML rules and OFAC sanctions. Additionally, to ensure the 1-to-1 collateral backing, independent attestations are periodically performed.
Rob Viglione, Co-founder of Horizen and CEO of Horizen Labs, asserts, “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.”
Horizen EON’s platform, recognized for its innovative capabilities, is the chosen platform for ZUSD, partly due to its compatibility with the Ethereum Virtual Machine, which facilitates easy integration with Ethereum’s resources and tools. The network’s scalability ensures it remains effective as demand and transactions increase. It is this developer-focused environment that allowed the rapid deployment of ZUSD on Horizen EON in under two months.
Horizen EON is proactive in overcoming the typical challenges of blockchain, such as insufficient tooling, network congestion, and centralization issues. The synergy between Horizen EON’s principles and its supporters, like Stably, is evident in their shared dedication to transparency, security, community engagement, and growth, aligning with Horizen EON’s goal to pioneer the Web3 economy.
Kory Hoang, Co-founder and CEO of Stably, shared his excitement about the collaboration: “I’ve personally met and known Robert Viglione since 2018 and we have been talking about stablecoin collaboration for a long time. 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!”
Users globally can now engage with ZUSD on the EON network through Stably Ramp, which accepts diverse payment options, including ACH, Fedwire, Visa, Mastercard, and other key stablecoins like USDC. This on/off-ramp widget enhances third-party applications, such as Web3 wallets and DeFi protocols, with the goal of making ZUSD transactions more accessible and cost-effective.