Four New Stablecoins Set to Debut on Concordium Layer 1, Enhancing PayFi Ecosystem

The blockchain platform is crafted with businesses in mind, Concordium announced that four established stablecoin providers— Agant , Noon , Deep Blue , and AEDX will now issue their stablecoins directly on its network, leveraging Concordium’s Protocol-Level Token technology for seamless integration into the ever-growing PayFi ecosystem.

As a scalable Layer 1 blockchain, Concordium stands out thanks to its distinctive identity layer, which is embedded directly within its protocol. This feature ensures that user activities are both authenticated and private, thanks to its implementation of zero-knowledge proof technology.

Boris Bohrer-Bilowitzki, CEO of Concordium, expressed enthusiasm in a statement: \"We are thrilled to have such innovative projects join our vibrant ecosystem. These collaborations not only demonstrate our platform's success and capacity for smart contract-less executions, but also highlight the tangible influence of Web3 technology, especially regarding stablecoins. We are eager to collaborate further with Agant, Noon, Deep Blue, and AEDX and look forward to inviting more groundbreaking projects into our community,\" he shared.

Concordium Introduces Four Native Stablecoins Tied to USD, GBP, and AED, Advancing Secure On-Chain Finance

The four new stablecoins on Concordium will function as native tokens, meaning they can be directly issued and stored within user wallets without the reliance on smart contracts. This approach mitigates typical vulnerabilities found on smart contract platforms like Ethereum and Solana, thus greatly lowering the associated risks.

Among them, GBPA is a stablecoin issued by Agant, a UK-based fintech company, that is backed one-to-one by the British pound sterling. Agant is a prominent member of both the Digital Pound Foundation and the Stablecoin Standard, groups dedicated to integrating traditional financial systems with decentralization. Through GBPA, Agant aims to streamline cross-border transactions and improve accessibility to decentralized finance for a wider audience.

USN, which is pegged to the US dollar, is provided by Noon and allows for minting when users deposit USDT or USDC as collateral. This collateral is harnessed in delta-neutral strategies to yield returns. Since its public beta launch, Noon has amassed a total value locked (TVL) of $33 million, backed by a talented team with experience in firms such as McKinsey & Company, Goldman Sachs, Aave, and OKX.

DBUSD and AEDX are the last two stablecoins, coming from Deep Blue and AEDX, respectively. DBUSD marks Jersey's first stablecoin and is entirely supported by reserves in US dollars, illustrating the region's endorsement of cutting-edge financial technologies. AEDX, which is linked to the United Arab Emirates Dirham, is designed for seamless integration across both commercial and financial sectors in MENA and CIS areas. In its pilot phase, 5 million AEDX tokens are expected to be created, with plans to scale to 1 billion over the next three to five years depending on market demand. AEDX commits to allocating the majority of its proceeds towards public goods and charitable projects.

Together, these stablecoins, which are linked to three major fiat currencies—USD, GBP, and AED—underscore Concordium's increasing stature within the stablecoin arena. Their launch enhances Concordium's position as a primary Layer 1 option for stablecoin creation and broadens user opportunities within its expanding PayFi framework. Tailored to fulfill real-world application needs, the blockchain's intrinsic ID layer and protocol-level token technology significantly lower risk factors, making it a prime candidate for stablecoin development. Concordium enables organizations to launch stablecoins directly without employing smart contracts, heralding a vibrant new era in on-chain finance.