Stablecoin Studio on Sui, S3, to provide Sui developers with a compliant payment process for Stablecoin applications
Grand Cayman, Cayman Islands, March 8, 2024, Chainwire
Powered by Pravika, S3 gives developers on the Sui blockchain the opportunity to launch a native stablecoin without the complexities of smart contract development and money management.
S3.MONEY (S3), a stablecoin studio built on top of the Sui blockchain, was officially announced today in partnership with Cairo-based blockchain startup Pravika. S3, which stands for “Stablecoin Studio on Sui”, is set to change the landscape of global payment processing by introducing a versatile and user-friendly solution for building and using stablecoins on the Sui blockchain.
S3 provides a turnkey tool designed to build customizable stablecoins directly on the Sui blockchain, allowing users to create a fiat-backed stablecoin without building the technology infrastructure necessary for smart contract development and currency management at the initial stage. In addition to simplifying the process for stablecoin issuers such as USDC and USDT to integrate with Sui, S3 facilitates the creation of bespoke stablecoin solutions to meet specific regulatory requirements in various jurisdictions.
S3 also establishes a completely new process for stalaticoin management, providing a streamlined one-stop-shop experience through a straightforward interface. Stablecoin Studio on Sui enables intuitive, intuitive management with role-based controls, effortless configuration, and stable coin management. The platform improves the treasury command by combining it with built-in verification functionality and on-chain oracles. Integrated KYC/AML features prioritize compliance, while qualified identity verification services strengthen due diligence.
Pravika Founder and CEO Mohammad Abdu described his enthusiasm for S3 and Sui as the foundation for Pravika's stable coin creator.
“Based on the adoption we are seeing now and our deep experience with global payment systems, we are confident that Stablecoin will transform the global payments industry. We also believe that Sui offers the most powerful platform for building robust and scalable decentralized applications. Built on top of Sui, S3 is used by millions.” It is designed to be a global resource for creating customized payment solutions.
In addition to empowering developers to create their own stablecoins, S3 comes with an excellent payment app called Walletify, which acts as a closed-loop payment solution. Walletify allows users to make transactions using stablecoins created via S3 resources. Walletify's closed-loop architecture, built on Sui's unique motion-based design, ensures a secure and efficient payment experience for merchants and consumers.
“The team at Pravica has done amazing work and built some very important financial tools. According to Sui Foundation Managing Director Greg Siouronis, Stablecoin Studio on Sui removes a major barrier for stablecoin issuers and is poised to change the global payment processing industry. “We're so glad you chose to build this revolutionary solution on Sui. He told us.”
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