**GRAND CAYMAN, Cayman Islands, March 8th, 2024/Chainwire/--**Powered by Pravica, S3 will provide builders on the Sui blockchain with the opportunity to seamlessly launch native stablecoins without the complexities of smart contract development and currency management; S3. MONEY (S3), a stablecoin studio developed on top of the Sui blockchain, was officially announced today by Cairo-based blockchain startup Pravica in collaboration with Sui. S3, which stands for “Stablecoin Studio on Sui,” is set to revolutionize the global payment processing landscape by introducing a versatile and user-friendly solution for building and utilizing stablecoins on the Sui blockchain. S3 offers a key utility designed for building customizable stablecoins directly on the Sui blockchain, which in its initial phase, enables issuers to create fiat-backed stablecoins without building the bespoke technological infrastructure typically required for smart contract development and currency management. S3 not only simplifies the process for existing stablecoin issuers, such as USDC and USDT, to integrate with Sui, but also facilitates the creation of bespoke stablecoin solutions tailored to meet specific regulatory requirements in various jurisdictions. S3 also establishes an entirely new process for stablecoin management, offering a streamlined one-stop-shop experience through a straightforward interface. Stablecoin Studio on Sui provides intuitive, capable administration with role-based controls, enabling effortless configuration and management of stablecoins. The platform enhances treasury command with built-in proof-of-reserve functionality and seamless integration with on-chain oracles. Integrated KYC/AML features prioritize compliance, strengthening due diligence with qualified identity verification services. Mohamed Abdou, Founder & CEO of Pravica, expressed his enthusiasm for S3 and Sui as a foundation for Pravica’s stablecoin creator. "Based on the adoption we are already seeing and our deep experience with international payment systems, we are convinced that stablecoins will revolutionize the global payments industry. We also believe that Sui offers the most capable platform for building robust and scalable decentralized utilities” Built on top of Sui, S3 poised to become a global utility for creating customized payment solutions utilized by millions,” he said. Beyond empowering builders to craft their own stablecoins, S3 also comes with a cutting-edge payments app, Walletify, which serves as a closed-loop payment solution. Walletify allows users to seamlessly transact using the stablecoins created through the S3 utility. Walletify’s closed-loop architecture, building on Sui’s unique Move-based design pattern, ensures a secure and efficient payment experience for both merchants and users. "The team at Pravica has done incredible work and built much needed financial tooling. Stablecoin Studio on Sui removes an immense hurdle for stablecoin issuers and is set to transform the world’s payment processing industry," said Greg Siourounis, Managing Director of the Sui Foundation. "We are extremely gratified that they have chosen to build this revolutionary solution on Sui." Contact Sui Foundation media@sui.io This story was distributed as a release by Chainwire under HackerNoon’s Business Blogging Program. Learn more about the program here.

This is a PR written by or for the company mentioned within it. The writer has a vested interest in the company and products mentioned within.

S3 To Give Sui Developers Compliant Payment Processing Stablecoin Applications

About Author

Comments

TOPICS

THIS ARTICLE WAS FEATURED IN

Related Stories

Untitled Story

$500k Presale: TG.Casino Passes Milestone with Upcoming Telegram-Powered Platform

(1/100) Crypto Countdown: Golem

A Research Report on the Trader $JOE DeFi Platform

07/03/2018: Biggest Stories in the Cryptosphere

05/02/2018: Biggest Stories in the Cryptosphere

$500k Presale: TG.Casino Passes Milestone with Upcoming Telegram-Powered Platform

(1/100) Crypto Countdown: Golem

A Research Report on the Trader $JOE DeFi Platform

07/03/2018: Biggest Stories in the Cryptosphere

05/02/2018: Biggest Stories in the Cryptosphere

Light-Mode

Classic

Newspaper

Dark-Mode

Neon Noir

Minty

HN StartUps