Stably Enterprise (Stablecoin As A Service)
Video Published on Nov 25, 2019
Kory Hoang: Stably Enterprise, what is it? Hello everyone my name is Kory Hoang and I am the CEO and founder of Stably. Stably is a FinTech company based in Seattle and we’re on a mission to make financial transactions faster, cheaper, more transparent, borderless, and obviously more secure. Joining me today is Edward our Senior Business Development Associate. Say Hello
Edward Siafa: Hello everybody thanks for having me.
Kory Hoang: Alright, well so Edward tell me a little bit about your journey with Stably so far.
Edward Siafa: Right, so I’ve been with Stably for just about a year and a half now. Since then we’ve released a lot of cool products. The first one being our first stablecoin USDS and then the second one USDSB on the Binance Chain, and we’ve also had a lot of new partnerships, and it’s very exciting. We’re working on a few endeavors right now. So only time will tell what will take place, but it’s very exciting.
Kory Hoang: One of those very exciting partnerships is actually with a major enterprise client that we’re currently working with to help them issue their own stablecoin. Branded under their own name, with their own assets and reserves, and their own customizations and features that would fit with their specific requirements and ecosystems.
Kory Hoang: With that said, recently we have a lot of announcements from major brands and corporations that say they want to create their own brand of stablecoins. We have players like Facebook Libra, we have Walmart announcing they are going to create their own stablecoin too. Wells Fargo, I think Wells Fargo has plans to create digital cash. Wells Fargo digital cash which is internal stablecoin settlement system. So I’m not sure if thats going to roll out to their retail clients anytime soon but if they do, then that is essentially a branded stablecoin.
Kory Hoang: What is a branded stablecoin and why do these corporations want to create them, like what are the benefits, right? Simply put a branded stablecoin is just what the name implies. It is a stablecoin that is issued by a usually large brand. That’s why they are interested in doing it in the first place, and they leverage their own brand & network effect in order to make their stablecoin project a lot more successful and gain a lot more adoption in the first place. Prime example being Facebook.
Edward Siafa: Right, billions of users.
Kory Hoang: Billions of users, like that’s probably one of, if not the largest network effect in the world. The larger the network effect a brand or company has the more benefits they can reap from creating their own stablecoin. Remember the four benefits of creating the branded stablecoin?
Edward Siafa: Yes there was new earnings, right?
Kory Hoang: Yah absolutely, there’s new earnings meaning when a company creates a stablecoin, they’re going to start collecting new deposits from their user’s banks, right? So if Walmart creates a stablecoin, their user has a lot of cash. They would be willing to put that into the reserve of Walmart, for Walmart to create the Walmart coin or Walmart dollar or whatever. So that reserve right there earns interest income. Interest income is considerable if you have billions and billions of dollars sitting in reserve earning interest, right? So that’s new earnings fro them.
Edward Siafa: New savings
Kory Hoang: Yah actually savings is a very major component as well. So in the example of Walmart, people have to pay with a credit card and debit card on their website or when they check out at the stands right? That costs Walmart money to accept that.
Edward Siafa: Payment processing.
Kory Hoang: Yah like Visa or Mastercard or American Express, they would have to pay those payment processors anywhere from 1 to 3 percent per transaction. And that’s huge considering they have, I think 500 billion dollars worth of sales every single year, annually right? So if they can save just 1 or 2% on that, that’s like billions of dollars in savings that they’re going to have right? Money saved, money earned. So more earrings.
Edward Siafa: Right, then they can pass those onto the customers and help improve their business.
Kory Hoang: Oh that’s the next great benefit. A stablecoin would allow a major brand to directly pass benefits such as discount rewards or loyalty incentives directly to their customers. In the case of Walmart, now that they already have new earnings from the interest revenue. They already have savings from not paying their payment processor. That’s like probably several billions of dollars a year. Imagine they can pass that directly back to the token holders, the stablecoin token holders, and that would incentivise the token holders to use that stablecoin in Walmart, to accumulate it and to prepare for future uses. And Walmart can also give discount and cash back or rewards or whatever for the user of the stablecoin in their ecosystem, therefore increasing the flow of traffic into their business.
Kory Hoang: What was that last benefit?
Edward Siafa: I believe it was the network effect?
Kory Hoang: Yes that’s the marketing, great! Of course how could we forget that? So marketing is very important because imagine if a country with millions of people can create its own brand of money right? Its own currency and have its people use it for its own economy. Imagine a private company, a large brand like Facebook or Walmart. They have millions and millions, hundreds of millions of users as well. And if they issue their own brand of money, not only is it good economic tool for them to use, it’s also a good marketing and branding tool. So now their brand can reach a lot of places globally, and even in places where there’s probably no Walmart. People over there would probably be open to using Walmart money.
Kory Hoang: So those are the four major benefits, having a major brand issue their own stablecoin. There’s a lot that we can do in order to help these companies.
Edward Siafa: So how can Stably help with these certain enterprise companies? How can Stably help use our technology to improve on what they’re doing?
Kory Hoang: Great questions. Since we are one of the top industry leaders in the stablecoin space, we have the 7th largest stablecoin in the world, US Dollar backed stablecoin. We’re listed on major exchanges. We have close working relationships and partnerships with major crypto industry players. We also are technology experts in designing smart contract in designing programmable money, and even thinking further down the line, how we can optimize our smart contract for the stablecoin so that later you can add additional features, utilities, and benefits that you dont even know that you might need right now. Just because we don’t know what it might be doesnt mean that we can’t reserve an upgradability features so that we can do that in the future.
Edward Siafa: Right, as they appear, as they come up.
Kory Hoang: Absolutely. Our solution is turn key. We can get a stablecoin up and running for any major enterprise client in 2 to 3 months. We’re actually working, like I said before, we’re working with a major enterprise client right now who is a gold dealer. They have a lot of gold in reserve and they want to issue a gold backed stablecoin. So we’re in the process of helping them do that. We help them from basically from the beginning to end, from designing the stablecoin, to the smart contract, development to creating the architecture of the stablecoin, finding the right partners and regulate custodians in order to custody the asset, and the legal framework as well as accounting and all that.
Kory Hoang: So running a stablecoin is definitely a lot of work, its a lot involved, its not easy for anyone to do it, but luckily thanks to solutions like Stably Enterprise, our stablecoin-as-a-service solution, we can really help any major enterprise out there interested in issuing their own stablecoin, and to do it very quickie with very minimal costs. In fact initial consultation is free! You can email me directly. I’ll be the one answering your message directly, and you can get same day response regarding your inquiries.
Kory Hoang: We are very open to partnerships and revenue sharing in particular. We don’t want to charge any money up front. We look toward long term potentials and whether or not this can bring long term benefits to us, we don’t look at short term benefits. We’re happy to even do a lot of things, free of charge up front and then later on. That could be compensated with revenue sharing agreements that we have with our enterprise clients and partners.
Kory Hoang: I think there is a lot of room for us to work on and a lot of room for us to grow and expand together with potential enterprise clients in the future.
Edward Siafa: Most definitely this is a new area. It’s exciting to see where things will go.
Kory Hoang: Yup absolutely, with that said, if you have any questions or comments or would like to learn more about our Stably Enterprise solution, feel free to email me, my email is email@example.com
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Jun 11, 2020 UPDATE
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