Nikolas Sargeant
Horizen Labs and Stably have launched the ZEN USD (symbol: ZUSD) on the Horizen EON network. This latest development marks the inauguration of the first natively-issued US Dollar stablecoin on the EON network, a cutting-edge EVM-compatible sidechain and smart contract platform developed by Horizen.
In a press release shared with Cryptowisser, the Horizen Labs team said ZUSD is a fully-backed US Dollar stablecoin. The collateral for ZUSD is held in liquid USD-denominated assets by a designated trustee for the benefit of verified ZUSD token holders. Thus, ensuring that each ZUSD token can be minted or redeemed at a 1-to-1 rate with USD or USDC by users who passed Stably's KYC verification process.
The stablecoin is administered by Stably’s Wyoming-based registered money service business subsidiary and is issued in compliance with FinCEN’s convertible virtual currency guidance (FIN-2019-G001), including BSA/AML regulations and OFAC sanctions. Furthermore, periodic attestations will be performed by an independent attestor to verify that every ZUSD token in circulation is backed 1-to-1 with collateral.
Rob Viglione, Co-founder of Horizen and CEO of Horizen Labs, commented that,
“This partnership with Stably is a major step towards achieving a more interconnected and seamless blockchain ecosystem. The integration of Stably's stablecoin infrastructure with Horizen EON's platform will not only enhance the user experience but also pave the way for a more robust and compliant digital asset space.”
The Horizen EON network has become a crucial platform for innovative projects, as evidenced by the collaboration with Stably for the launch of ZUSD. Horizen EON's notable compatibility with the Ethereum Virtual Machine allows projects to smoothly integrate tools and resources from the Ethereum ecosystem.
The network's developer-centric approach played a pivotal role in enabling Stably to deploy ZUSD on Horizen EON in just under two months, the team added.
Additionally, Horizen EON proactively addresses challenges prevalent in other chains, including inadequate tooling, network congestion, and potential centralization pitfalls.
Kory Hoang, Co-founder and CEO of Stably, added that,
“I’ve personally met and known Robert Viglione since 2018, and we have been talking about stablecoin collaboration for a long time. It’s great to finally make it a reality, and Stably is excited to continue working together with Robert and the team behind Horizen as well as the community for many years to come!”
Thanks to this latest development, users can now mint or redeem ZUSD on the EON network through various payment methods—including ACH, Fedwire, Visa, Mastercard, and other major stablecoins like USDC—through Stably Ramp, a powerful on/off-ramp widget.
The Horizen Labs team added that Stably Ramp can also be integrated seamlessly with third-party applications like Web3 wallets and DeFi protocols, making digital asset transactions, including ZUSD, more accessible at competitive rates.
Horizen EON is a fully EVM-compatible smart contracting platform and the first of many smart contract sidechains in the Horizen ecosystem. It allows developers to efficiently build and deploy decentralized applications (dapps) on Horizen, the layer 0 public blockchain, while fully benefiting from the Ethereum ecosystem.
Meanwhile, Horizen Labs is the leading web3 development company that specializes in zero-knowledge cryptography and key Web3 tools that enable programmable blockchains that are secure, scalable, and privacy-preserving. Horizen Labs is the development company engaged by the Horizen DAO to provide technical support to Horizen and the Horizen EON network. To learn more, visit horizenlabs.io
Stably is a venture-backed FinTech company headquartered in Washington, with a registered money service business subsidiary in Wyoming. The company offers regulatory-compliant Stablecoin-as-a-Service (SCaaS) and fiat on/off-ramp infrastructure to emerging blockchains, Web3 applications, and financial institutions.
