Crypto Updates

Stablecoin Studio on Sui, S3, To Give Sui Developers Compliant Payment Processing Stablecoin Applications

Stablecoin Studio on Sui, S3, To Give Sui Developers Compliant Payment Processing Stablecoin Applications

March 8, 2024 – Grand Cayman, Cayman Islands

Powered by Pravica, S3 will provide builders on the Sui blockchain with the opportunity to seamlessly launch native stablecoins without the complexities of smart contract development and currency management.

S3.MONEY (S3), a stablecoin studio developed on top of the Sui blockchain, was officially announced today by Cairo-based blockchain startup Pravica in collaboration with Sui.

S3, which stands for ‘stablecoin studio on Sui,’ is set to revolutionize the global payment processing landscape by introducing a versatile and user-friendly solution for building and utilizing stablecoins on the Sui blockchain.

S3 offers a key utility designed for building customizable stablecoins directly on the Sui blockchain, which in its initial phase enables issuers to create fiat-backed stablecoins without building the bespoke technological infrastructure typically required for smart contract development and currency management.

S3 not only simplifies the process for existing stablecoin issuers, such as USDC and USDT, to integrate with Sui but it also facilitates the creation of bespoke stablecoin solutions tailored to meet specific regulatory requirements in various jurisdictions.

S3 also establishes an entirely new process for stablecoin management, offering a streamlined one-stop-shop experience through a straightforward interface.

S3 provides intuitive, capable administration with role-based controls, enabling effortless configuration and management of stablecoins.

The platform enhances treasury command with built-in proof-of-reserve functionality and seamless integration with on-chain oracles.

Integrated KYC/AML features prioritize compliance, strengthening due diligence with qualified identity verification services.

Expressing his enthusiasm for S3 and Sui as a foundation for Pravica’s stablecoin creator, Mohamed Abdou, founder and CEO of Pravica, said,

“Based on the adoption we are already seeing and our deep experience with international payment systems, we are convinced that stablecoins will revolutionize the global payments industry.

“We also believe that Sui offers the most capable platform for building robust and scalable decentralized utilities.

“Built on top of Sui, S3 [is] poised to become a global utility for creating customized payment solutions utilized by millions.”

Beyond empowering builders to craft their own stablecoins, S3 also comes with a cutting-edge payments app,…

Click Here to Read the Full Original Article at The Daily Hodl…