Start Building Your Own Stablecoin with Stablecoin Studio - TOKEN2049 Singapore 2023

okay good afternoon I'm ants Harmon I am the co-founder of hedera along with Dr Lehman Baird the inventor of hashgraph uh I'm not here representing here today hedera today but rather I'm representing a group of participants in the hedera ecosystem that are bringing to Market an open source project called uh the stablecoin studio so I think the easiest way to introduce this and give you a simple understanding of what stable cone stablecoin studio is is by analogy let's pretend that you're interested in bicycles that you want to build a bicycle so what do you do if you don't know much about bicycles you you study them you go and look up documentation you decide what frame to purchase you decide what tools are needed to integrate the other components of the bicycle the handlebars the seat what size tires you want Etc what the rims might be maybe you go into this uh Discord and look at a community get yourself embedded in the bike Community to try and understand the pros and cons associated with those choices that you have to make so that's one approach it's a lot of work another approach maybe a better approach is to be able to go into a bike shop and rather than figuring out all the details that are necessary that I just described you simply fill out a piece of paper that describes the features that you are interested in what you want to bike to do how you want to use it and then the experts build you that bike they bring that bike out and they give it to you you now have the bicycle that you can start with immediately and if you want to modify it from there so be it that's what we're doing here with stablecoin Studio we make it possible for you to build a stable coin a full-blown solution in a matter of hours or days rather than weeks or months we do that by pre-integrating most of the in third-party applications and infrastructure components that are needed rather than writing code you configure the solution and you deploy it okay so that's what we're here to talk about today let's get into some of the details foreign so it's purpose built obviously for stable coin issuers there are a lot of different types of issuers that might be interested those that are part of web 3 and want to deploy stable coins in a web free platform context maybe they're institutional stable coin issuers maybe their Enterprises that are deploying stable coins for uh treasury management maybe they're Enterprise banking providers and financial services providers a lot of different uh Persona that might be interested in this type of solution can take advantage of this solution what is included in the stablecoin studio toolkit well there's an SDK it comes with a command line interface comes with a web interface it has the programmability and compliance controls that are needed to build a very robust stablecoin solution out of the box it um it includes critical features like the ability to enforce treasury management using proof of Reserve technology and it's integrated with other infrastructure providers like kyc AML providers infrastructure providers that will provide you nodes custody providers that sort of thing all of that is included what are the use cases um if you're here you probably know so I'll be very brief about this but cross-border remittances defy interbank settlement wholesale settlement B2B settlement micropayments Enterprise budget tokenization which I mentioned earlier so of course stable coins can be used in all these different ways if you have an interest in these then you may have an interest in the studio so I've already mentioned there is an SDK you can use that you can use that with a command line interface there is an open source demo application as of today if you go to stablecoinstudio.com you should be able to see the solution and how it works let's talk about the details of the implementation of course all of this is built using the hedera hashgraph layer one platform and we've taken a different approach to implementing a stable coin solution than the other layer ones perhaps have we have our own token service and Native token service that gives you really high throughput at ultra low cost rather than using a smart contract for the management of those token transfers so we leave the smart contract piece out for those functions that are going to happen the most often that being the transference of the stable coins themselves but we also have an evm on the platform that we use for the programmability the audit features the administration features everything that you might want to do that requires a smart contract that you don't have in the native token service itself comes in pre-built smart contracts so we have the smart contracts of course we built those for you you get the advantages of programmability with the smart contract Service on hedera with the performance and cost structure of the Native token service that runs on hedera you get the best of both worlds so let's look at that in just a different way here so for example on chain proof of Reserve you get that using smart contract granular governance controls same thing smart contract role-based Administration same thing smart contract on the other side using the hedera token service you get on chain kyc and AML features you get micro payments you can you can support micro payments now because of the cost structure and the high throughput that we can process in terms of token transfers and you of course get the existing hedera ecosystem support the combination gives you all you need for a robust high-end stablecoin solution uh very quickly we've got stablecoin issuer administrator that's using one of the interfaces to the SDK it could be the admin interface or a command line interface the stablecoin studio you can basically you configure what the solution should be that then deploys the coin on chain it create uses the header token service to to create the the coin itself and it deploys the appropriate smart contracts with the uh with the configurations that you've described on the banking system you've got your account balance so as dollars you know cash flows in we have an oracle provider that provides proof of the that those deposits and that then results in the proof of Reserve functioning functionality that is part of this and then you can manage the stable coin uh solution using administrators that you configure as part of the overarching uh product so you can see all the features there okay what about cost I said it's inexpensive to run a stable coin or to use the hedera platform with the stable coin you can see what the costs are are there for the creation of the stable coin in the first place minting the tokens transfers it's a penny of a penny to transfer a stablecoin from uh account a to account B and by the way it's important to note all these costs are not denominated in h-bar they're denominated in USD so if you're deploying a solution you can calculate estimate accurately what your cost of goods is going to be as part of the solution you don't have the volatility of the H bar included in this you can see the features here that they're also included of course the management of the stablecoin the burn pause freeze white functions of course we support kyc on the accounts the smart contracts have been audited by sardic so everything that we've done has already gone through an audit process and who's involved here are the first set of third-party ecosystem partners that are included so for custody providers you can see zodia and hextruss kyc AML service providers elliptic Merkel science infrastructure archaea validation Cloud bcw Axiom and in smart contract monitoring and security halborn open Zeppelin sardic this is the first set the more users that use this the more Integrations that occur this is all open source it's apache2 so as the ecosystem continues to grow the better the studio becomes and more robust it becomes in terms of the Integrations that exist in the marketplace here is a list of existing early adopters if you will those that have already used parts of this to build their own stable coins you can take a picture go ahead you can see who that initial list is um also want to say Well they're not developing a stable coin uh there are I want to call out World pay for their announcement today if you haven't seen the news you should go check it out of course they're a council member and they use some of the same infrastructure here that we're we're providing in this in this solution so we have an overlap in some of the technology with the world pay solution that was just announced today next steps call to action so if you're interested in this there are ecosystem grants that you can apply for the participants that are bringing of the ecosystem today that are bringing this to Market includes world's Labs which I am the co-ceo of with Lehman Baird we're the co-founders of Adera but co-ceos of swirled's labs so swirls Labs is part of this i o Builders helped to build this the hbar foundation one of our grant giving organizations is involved in this and of course Dara and then if you were to include all the other third parties and you know participants in this you add another 20 names so it's already quite a robust ecosystem of participants and what we've done is basically accelerated time to deployment of a real solution that is good enough for hedera's Council Members it's that type of grade of a solution okay okay thank you I know if they're time for questions or not okay thanks again