SEATTLE, Nov. 6th, 2023 — Stably is proud to announce the native launch of ZEN USD (symbol: ZUSD) on the Horizen EON network, a fully EVM-compatible sidechain and smart contract platform powered by Horizen that is built with massive scalability in mind.
As a financial technology provider to emerging blockchain ecosystems, Stably is always focused on its mission of powering the next billion Web3 users with state-of-the-art stablecoin and fiat ramp infrastructure. Moreover, we are unwavering in our conviction that stablecoins, digital assets, and decentralized financial systems will revolutionize and drive global economic empowerment in the near future. As a result, we have decided to team up with our friends at Horizen to launch ZUSD, the first natively-issued US Dollar stablecoin on the EON network.
What is ZUSD?
ZUSD is a fully-backed stablecoin created by Stably in collaboration with the team from Horizen Labs, the development company engaged by the Horizen DAO to provide technical support to Horizen and the Horizen EON network. The collateral of ZUSD is held in liquid USD-denominated assets—including bank deposits, money market instruments, and USDC—by a designated trustee for the benefit of ZUSD token holders. Every ZUSD token can be minted or redeemed 1-to-1 with USD or USDC (minus fees) by users who are KYC-verified by Stably.
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.
Why Horizen EON?
At Stably, we are deeply committed to expanding stablecoin accessibility and streamlining the on/off-ramp process within pioneering blockchain projects. Our choice to launch ZUSD on Horizen EON was influenced by several factors:
- EVM Compatibility: EON is fully compatible with the Ethereum Virtual Machine, making it seamless to integrate tools and resources from the Ethereum ecosystem.
- Scalability: Horizen EON boasts a highly scalable platform, ensuring that as adoption rates increase and more transactions occur, the system remains efficient and responsive without compromising performance.
- User-Centric Infrastructure: EON offers a nurturing environment that’s user-centric, providing developers with product support and incubation. In fact, it only took Stably less than two months to develop and launch ZUSD on EON.
- Addressing Existing Chain Challenges: Horizen EON is designed to combat issues of inadequate tooling, network congestion, and centralization prevalent in other chains.
- Commitment to Core Values: EON’s dedication to transparency, accountability, security, community engagement, and continuous growth also mirrors Stably’s ethos.
In light of these compelling attributes, it was a natural decision for Stably to launch the ZUSD stablecoin on Horizen EON. Our shared vision of advancing blockchain technology, coupled with EON’s impressive technical infrastructure and scalability, positions us to make significant strides in enhancing stablecoin accessibility. This collaboration symbolizes our mutual dedication to fostering innovation and driving the Web3 economy forward.
How to Mint & Redeem ZUSD
Individual and business users worldwide can now onboard from 170+ countries/regions to mint/redeem ZUSD on EON through a variety of payment methods such as ACH, Fedwire, Visa, and Mastercard, plus other popular stablecoins on major networks (e.g., USDC). All of this is accessible through Stably Ramp, a powerful on/off-ramp widget that can also be embedded into third-party applications such as Web3 wallets and DeFi protocols. Through Stably Ramp, users can easily buy, sell, or swap digital assets, including ZUSD, using stablecoin and fiat payments for as low as 0.5% in transaction fees (excluding gas).
For additional instructions, please refer to our support article for ZUSD.
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
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.
Stably is a venture-backed FinTech from Seattle, Washington. We provide regulatory-compliant stablecoin and onramp infrastructure for emerging blockchains, Web3 applications, and financial institutions, enabling their users in 170+ countries/regions to easily buy, sell, or swap digital assets at competitive rates across multiple blockchain networks with stablecoins and fiat payments. Our mission is to power the next billion Web3 users with a superior fiat & stablecoin onramp.
For all inquiries, feel free to contact us.
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