Concordium Adds Four Stablecoins to Expand Global PayFi Ecosystem

Concordium, an enterprise-focused Layer 1 blockchain, has announced the addition of four new stablecoins to its platform. The stablecoins, Agant (GBPA), Noon (USN), Deep Blue (DBUSD), and AEDX (AEDX), are issued natively on the Concordium chain by their respective partners. This move aims to expand the PayFi ecosystem globally and enhance the real-world application of digital assets.

The new stablecoins will leverage Concordium’s Protocol-Level Token technology, which is powered by zero-knowledge proof technology. This ensures verified and private user interactions, along with advanced PayFi features such as time releases, compliance controls, and secure ID-based geofencing for cross-border transactions. The stablecoins will be held directly in wallets without the need for smart contracts, mitigating the risk of complex hacks and attack vectors present on smart contract chains.

Concordium CEO Boris Bohrer-Bilowitzki welcomed the additions, stating that these partnerships reflect the success of the platform and its ability to support smart contract-less execution. He also highlighted the real-world impact of web3 technology, particularly when it comes to stablecoins. Bohrer-Bilowitzki expressed enthusiasm for working more closely with the new partners and welcoming more innovative projects into the Concordium ecosystem.

Agant, a UK-based fintech firm, will launch its stablecoin GBPA, pegged to the British pound sterling and fully backed by reserves. Agant is also a member of the Digital Pound Foundation and Stablecoin Standard, aiming to bridge traditional fiat currency systems with DeFi to promote financial inclusivity and facilitate smooth international transactions.

Noon Capital, the issuer of the USN stablecoin, will also issue its stablecoin natively on the Concordium blockchain. The 1:1 USD-backed stablecoin can be minted by depositing collateral in the form of Tether (USDT) or USD Coin (USDC), with collateral then deployed into delta-neutral strategies to generate yield. Noon Capital recently launched its public beta and has seen significant growth in the total locked value of the collateral.

AEDX, offered by Dubai-based Web 3 firm AEDX, is pegged to the UAE’s Dirham (AED) and holds a 1:1 ratio at all times. The stablecoin is integrated with major financial and commercial entities, particularly in the MENA and CIS markets. In its public pilot phase, AEDX will issue 5 million tokens, with the potential to scale to 1 billion over the next 3-5 years based on market acceptance and demand.

Deep Blue will launch the DBUSD stablecoin, backed by USD reserves. DBUSD is Jersey’s first-ever stablecoin, reflecting the Crown dependency’s progressive approach to fintech innovation. Julien Bahurel, CEO and co-founder of Deep Blue, stated that launching DBUSD on Concordium is an important milestone and a reflection of their vision to bridge traditional finance and Web3. He also expressed enthusiasm for redefining how stablecoins can power cross-border finance with trust and efficiency in the years ahead.

With the tokens pegged to different global fiat currencies, Concordium focuses on expanding its platform to more stablecoins in the future. The introduction reinforces Concordium’s reputation as a leading L1 for stablecoin issuance and extends the opportunities available to users within its growing PayFi ecosystem. The addition of the four stablecoins aligns with Concordium’s goal of helping enterprises build Web 3 payments to meet the demands of real-world applications.

The blockchain’s built-in ID layer and protocol-level token technology will significantly reduce security risk, making it an optimum venue for stablecoin issuance. Concordium enables institutions to launch stablecoins natively without smart contracts, paving the way for a dynamic new era of on-chain finance.