TOKI and Noble Partnership Introduces Regulated Stablecoins via Cosmos Ecosystem July 4, 2023 July 4, 2023 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
Market NewsJuly 4, 2023 by Kelly Cromley

TOKI and Noble Partnership Introduces Regulated Stablecoins via Cosmos Ecosystem

TOKI and Noble have formed a strategic partnership to introduce a series of regulated stablecoins within the expansive Cosmos ecosystem. These stablecoins will be collateralized by fiat currencies, ensuring their stability and reliability. By utilizing Noble’s well-established framework for asset issuance, which has been specifically designed for institutions seeking to issue liquid stablecoins and a range of crypto assets, both entities will ensure strict compliance with regulatory standards. This partnership facilitates the accessibility of regulated and collateralized stablecoins for businesses and developers.

TOKI serves as an Inter-Blockchain Communication (IBC) bridging solution, facilitating seamless connectivity between various blockchains, including Cosmos appchains and Ethereum Virtual Machines (EVMs). The development of the inner framework is undertaken by Datachain, a dedicated research and development team with expertise in blockchain interoperability and the creation of the inner Cosmos protocol, in close collaboration with prominent enterprises. The implementation of Inter-Blockchain Communication (IBC) in Solidity has been successfully achieved by Datachain, with the support of the Interchain Foundation. TOKI has recently established a partnership with Progmat, a move that facilitates the issuance of stablecoins on prominent public blockchains such as Cosmos and Ethereum. This collaboration encompasses notable Japanese organizations, namely the Japan Exchange Group (JPX), MUFG, and SMBC.

The establishment of a reliable stablecoin is of utmost importance for Japan, as it plays a pivotal role in positioning the country as a prominent cryptocurrency hub for tokenized assets on public blockchains. Japanese enterprises have the opportunity to harness the potential of the blockchain framework to streamline the process of embracing digital assets. The recent revisions made to Japan’s Payment Services Act have effectively fostered an environment conducive to the advancement of stablecoin innovation. The partnership between Progmat, Japanese banks, and TOKI will have a significant impact on facilitating the adoption of permissionless stablecoins by Japanese businesses.

The collaboration between TOKI and Noble facilitates the seamless integration of Cosmos appchain applications. This integration empowers users with the ability to execute a diverse array of cross-chain use cases within a single transaction. As a result, this collaboration plays a pivotal role in driving the advancement of the ecosystem. Prominent applications encompass cross-chain swaps, lending, and migration.

Noble, a well-established platform for asset issuance, has forged a strategic partnership with Circle. This collaboration aims to introduce USDC, a widely recognized stablecoin, to the Cosmos ecosystem. The objective is to entice institutional partners to participate in the dynamic and ever-evolving interchain network. The primary goal of TOKI is to expedite the integration of Japanese stablecoins into the ecosystem. This initiative aims to address the urgent requirement for incorporating fiat-backed stablecoins in Japan and attracting Japanese businesses to participate in the ecosystem.

TOKI’s implementation of the initial IBC-supported unified liquidity solution facilitates users in effortlessly conducting token swaps between various blockchains, including Cosmos appchains and EVM chains such as Ethereum, within a single transaction. Furthermore, TOKI provides support for a range of stablecoins, such as USDC and USDT.

According to Jelena, the esteemed Founder of Noble, the incorporation of Japanese stablecoins is poised to unleash the advantages associated with Web3-connected enterprises. The primary objective of the collaboration with TOKI is to facilitate widespread adoption of the ecosystem by providing fiat-backed stablecoins to the Cosmos community.

Progmat is a cutting-edge initiative that centers on the conversion of diverse value forms into digital assets, all the while fostering societal connectivity through programmable networks.

TOKI has been meticulously crafted to offer robust, scalable cross-chain bridges that prioritize both security and user experience. The platform provides three primary attributes: enhanced security and extensibility, efficient liquidity and token exchange capabilities, and a strong emphasis on composability.

AuthorKelly Cromley

Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.