In August, STASIS celebrated its one year anniversary. And what a year it’s been! In the past twelve months, we’ve worked with two government organizations on major initiatives, seen Malta introduce pioneering legislation around the blockchain ecosystem, and launched our own stable coin, to name a few developments. As we pass the one-year milestone, it seems like a good time to share an overview of what we’ve accomplished so far.
Establishing government partnerships
STASIS began with the initial goal of helping regulatory bodies streamline legislation around blockchain technology in order to foster innovation-friendly local ecosystems and prevent regulatory arbitrage. Our first such partnership was with the Maltese government, which in July passed pioneering blockchain legislation. We offered guidance and advice to the government throughout the process of researching and drafting this legislation. We also had the honor of welcoming both the President and the Prime Minister of Malta to our EURS launch press conference in a show of support for the local blockchain ecosystem.
We’ve also partnered with the Astana International Financial Centre (AIFC) in Kazakhstan to offer guidance on their new blockchain legislation and to help the nation launch a stable digital currency. The AIFC’s goal is to develop financial markets within Kazakhstan, and we’re excited to see them recognize the benefits of digital assets.
Developing our own stable coin
Regulatory risk isn’t the only thing keeping institutional investors from entering the cryptocurrency market. Extreme price volatility significantly enhances the risk associated with any crypto-based investment. That’s why in July we decided to enter the stable coin space with our own token, EURS. EURS is a fully collateralized, fiat-backed stable coin that will allow investors to hold a digital asset without exposing themselves to the price volatility generally associated with cryptocurrencies. Anyone can check our on-chain asset balance on the home page of our website.
In July we also onboarded our first institutional client. Furthermore, EURS is already trading publicly on multiple exchanges, including Bancor, and is a supported currency on ePayments.
Ensuring versatility for any blockchain
As various blockchains continue to develop, we want to make sure we’re on the best one. That’s why we’ve developed a backend that will work on any blockchain. EURS currently operates on the Ethereum blockchain, because Ethereum offers the highest level of security available right now. Our wallet is also integrated with the bitcoin blockchain, allowing it to support BTC balances and transfers. And our team has already tested integration with the Stellar blockchain, which enables lower transaction fees. We’re ready for a smooth transition to whichever blockchain offers the most value for our partners moving forward.
Creating the wallet our users need
There are tons of cryptocurrency wallets out there, but even though we searched for one, we couldn’t find a wallet to meet our needs—one that would allow users to transact between various currencies with a simple and easy-to-use interface. So we made our own.
In May, we launched the STASIS wallet app. Originally, it only supported EURS and ether, but in August we added support for bitcoin as well. Now users can hold their EURS, ETH and BTC balances all in the same place. Users can also exchange between supported tokens in-app, and can of course send or receive those tokens with their ETH and BTC addresses. We’re planning to add more supported tokens soon.
Providing the legal framework to make it all safe
In addition to creating EURS, we’ve established a legal framework to make acquiring the token safe and easy for our partners. Our legal documents were prepared by Ganado Advocates, who were involved in the creation of Malta’s cryptocurrency regulation, and Tiang&Co, a PwC-associated firm and one of the world’s most progressive legal firms in the crypto space.
We’ve also developed four streams for institutional investors to enter the cryptocurrency market. They can acquire EURS via a bank wire transfer, a payment institution, a cryptocurrency trade, or a brokerage account using securities, bonds or other financial instruments. We’re the only platform in the stable coin market that offers all four options.
We’re proud of everything we’ve accomplished this past year, but we’re also just getting started. The next year will see EURS trading on even more exchanges, the STASIS wallet supporting more tokens and, perhaps most importantly, the entrance of more institutional partners into the EURS ecosystem. We also know that the market will change, and we’ll have to adapt in ways we can’t necessarily plan out in advance. But whatever happens, we’ll continue to work on the cutting edge of blockchain regulation and stable coin technology, making the benefits of digital assets as accessible as possible for institutional investment.