In the wake of numerous crypto business failures and the ongoing banking crisis triggered by the shutdown of Silicon Valley Bank, Silvergate Bank, and Signature Bank, aryze has just launched a suite of stablecoins designed and built to be quite literally a digital representation of the cash in your pocket.
The Company has been developing its concept of full reserve banking-based stablecoins for several years in order to ensure the highest standards of governance, transparency, and utility. Unlike other stablecoins, ARYZE’s digital cash is based on a full reserve model and backed by short-term and highest-grade government-issued assets, as well as major fiat currencies, with the vast majority of the underlying assets kept in government bonds.
The timing of this launch is prescient, addressing as it does the serial challenges undermining confidence in traditional banking and its fractional reserve-based business model.
ARYZE CEO Jack Nikogosian commented, "We have been diligently working on implementing full reserve banking for quite some time now, as we had predicted the market deficiencies that have been exposed by recent failures in the banking and crypto industries. The very essence of our business model revolves around a full reserve banking-based suite of stablecoins that are set up to remedy the many problems holders of other tokens and stablecoins are encountering, not to mention anyone that might also be currently experiencing with their bank. With ARYZE Digital Cash, we offer the trust and security of a CBDC together with the agility of a crypto token and the freedom of cash.”
ARYZE today confirmed the issuance of two additional stablecoins in its ARYZE Digital Cash series: a U.S. dollar-denominated stablecoin (eUSD) and a British Pound Sterling denominated stablecoin (eGBP) alongside the existing euro-denominated stablecoin (eEUR), thereby delivering on an important feature of multi-currency support.
Digital Cash is issued by ARYZE BVI, a distinct legal entity fully owned by ARYZE, responsible for the issuance and redemption of various Digital Cash types. In addition, Digital Cash is currently accessible on both MAMA DeFi and Penning, offering solutions for different market participants. MAMA DeFi, a WEB3 decentralized finance platform, enables broader access for crypto users, while the collaboration with Penning, a Danish AIF and VASP, grants industry professionals access to their OTC desk. This dual-platform approach ensures seamless availability and convenience for a wide range of users. Shortly after, Digital Cash will also be introduced to a number of decentralized exchanges such as Uniswap, PancakeSwap, and others.
"Making dumb money smart is our mantra at ARYZE. Given the pace of events in the traditional banking sector over the last week and the associated knock-on effect to other stablecoin and crypto assets, our full reserve banking model has been resoundingly validated, albeit in a rather alarming fashion. It’s time to move forward with trust and transparency as the foundations of the next generation financial system.” added Morten Nielsen, CFO and Co-founder of ARYZE.
