Digital asset company Taurus SA has officially rolled out its first private Stablecoin agreement. The contract is built on the AZTEC network, combining zero knowledge proof and compliance.
According to a press release sent to Crypto.News, what distinguishes tokens from mainstream legacy Stablecoins is a private agreement that encrypts all balances and transfers. Apart from users, smart contracts only allow authorized parties such as issuers and regulatory authorities.
This feature prevents third parties from physically targeting crypto wallet monitoring, reverse engineering investment strategies, or high value holding users. Private Stablecoin agreements allow financial institutions to issue Stablecoins for payments and Treasury applications, while ensuring security and compliance.
JP Aumasson, Chief Security Officer at Taurus, said the launch of a private contract marks a major step in promoting security and anonymity for Stablecoins. The token feature can address long-standing concerns from banks and regulators seeking to issue stubcoins.
“We have shown that it is possible to protect the privacy and security of Stablecoin users while retaining the industry-standard stubcoin functionality,” Aumasson said.
You might like it too: IMF Deputy Managing Director highlights the issue of global stub coin races
Apart from transaction encryption and compliance features, Smart Contract also covers the same features offered by stubcoins on major USD pages, such as Circle’s USDC (USDC). These include administrator-controlled features such as mint and burns, as well as pause buttons that allow users to stop transfers in the event of an emergency.
Not only that, the token also allows users to blacklist addresses and record events to create verifiable audit characteristics.
The launch of Taurus’ private stubcoin agreement advances to the US Senate, which passes the Genius Act, as a way to establish the legal framework for Stablecoins. Since then, Stablecoin’s supply has exceeded $250 billion, showing a growth rate of 1,200% since 2020.
Founded in April 2018, Taurus SA is a Swiss-based digital asset company that provides corporate-grade digital asset infrastructure for issuing, custodying and trading corporate-grade digital asset infrastructure.
You might like it too: Animoca Brands hopes to obtain a Stablecoin publisher license through a joint venture with Standard Chartered and Telecom
