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A new DeFi (Decentralized Finance) platform called STAE has launched in Singapore during the closing days of 2019. STAE joins a growing list of blockchain companies making Singapore its home as the territory continues to establish itself as a center for blockchain and fintech innovation.Blockchain technology and cryptocurrencies has long been heralded as having the potential to bring about dramatic efficiency gains in the financial world, and a key building block to this vision is the establishment of stable cryptocurrencies or ‘stablecoins’. Several stablecoins have already been introduced like Tether’s USDT and Circle’s USDC. Even leading banking institutions are getting into the game - the US Bank, JP Morgan Chase announced the release of their own JPM Coin earlier this year. In each of these cases, the issuer attests to the fact that the stablecoins they issued have been fully backed by fiat currencies.
STAE has taken a slightly different approach. They are issuing a series of stablecoins pegged to different fiat currencies, but instead of backing them with the fiat currencies, they are backed by digital assets like Bitcoin and Ethereum. STAE claims that their approach provides enhanced transparency and safety to its users.
Similar to the goals of JP Morgan Chase, STAE aims to initially target the streamlining of settlement and bookkeeping processes in company-company payments. Settlement processes between companies today are still highly manual and inefficient resulting in high costs and opacity. JP Morgan Chase has noted that leveraging blockchain approaches will greatly simplify the agency bank model currently used in payment processes, with the potential to save the bank around $10 billion USD annually.
STAE targets to bring streamlined inter-company payments and settlements through a 2-pronged offering. First, it will provide a set of stablecoins pegged to leading currencies and secondly, it will offer a one-stop blockchain settlement platform that includes programmable mortgage bond tokens, digital wallets and private key management tools.
All indicators point to 2020 being a year of exciting development in the field of Stablecoins; from Tether’s pending launch of a new gold-backed coin, to China’s pending release of their centrally backed yuan-based coin. The STAE announcement during the closing days of 2019 is giving the industry a pre-emptive shout that there is a new entrant with a new approach to settling payments as we enter the new year.
Contact Info:
Name: G WH
Email: Send Email
Organization: STAE PTE.LTD
Address: 10 Anderson road , Singapore
Phone: 0065 91337485
Website: https://btcnews.kinja.com/decentralized-finance-platform-stae-launched-in-singapo-1840408554?rev=1576238133022
Release ID: 88939270
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