Fantom’s stablecoin with a major bank in South Africa, and upcoming Mainnet

Yellowblock September 25, 2019
Updated 2019/09/25 at 11:58 AM
3 Min Read

Regulatory uncertainty is the bane of innovation. Cryptocurrencies and digital assets have made incredible strides in bringing the blockchain industry to where it is today, and have brought with it, increasing scrutiny from regulators all across the world. Those who have been following the headlines have probably seen privately issued stablecoins run into problems not only in the United States of America, but also on the European side of the Atlantic Ocean. Technological unicorns have sparked discussion between governments all over the globe, increasing the scrutiny from watchdogs about digital currencies and the monetary sovereignty of the state.

Fantom Statheros is a stablecoin infrastructure that will power multiple mainnets to be launched upon our technology, and it is ready to deploy on a technical level by any third parties whom have the right licensing and regulatory approval to plug into and improve existing financial systems. We believe that disrupting the status quo within the financial world overnight will do the blockchain industry more harm than good, and therefore we have designed the Statheros infrastructure to adapt to existing regulatory frameworks.

We have repeatedly stated and planned towards releasing a full-fledged mainnet based on Fantom technology in the third quarter of 2019 back when we started Fantom last year in February, but we are proud to say that the Fantom we see today is much more than we had ever fathomed or conceptualized when this team was assembled.

Over the past few months, we gave the institutions whom have committed to launching their own stablecoins and chains on top of Fantom technology the breathing room that they require for regulatory clearance.

We are incredibly excited to share that this regulatory clearance has been granted to our partners at ZAR Network, a team of veteran finance professionals and engineers from the African region. The teams from ZAR Network and Fantom will be working with one of South Africa’s largest banks, which is preparing for a smooth mainnet launch in the coming month.

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