The digital asset infrastructure provider Taurus has deployed a private contract specifically designed for stablecoins, aimed at providing untraceability and anonymity.
According to the company’s disclosure on Thursday, the Taurus stablecoin contract, built on the Aztec Network, combines zero-knowledge proofs with the compliance features of existing stablecoins. The company stated that the new contract could increase the adoption of stable assets in payroll payments, internal company transfers, and other sensitive transactions.
Taurus provides infrastructure for major companies entering the digital asset space, including a global partnership with Deutsche Bank in 2023 and a management solutions agreement with State Street in 2024.
Taurus Chief Security Officer JP Aumasson stated that the new product demonstrates how stablecoin users can protect their privacy without sacrificing compliance, ensuring that authorized parties such as issuers and regulators can access relevant information.
Arnaud Schenk, Executive Director of the Aztec Network, pointed out that the "actual adoption" of stablecoins is currently limited by the visibility and immutability of public blockchains.
Aztec's zero-knowledge layer two solution offers users privacy protection and directly embeds issuer-defined granular controls into the tokens, Schenk added.
In the context of potentially increasing government regulation, the launch of the new stablecoin contract has sparked more speculation about users turning to "dark stablecoins" (i.e., censorship-resistant alternatives).
CryptoQuant CEO Ki Young Ju stated, "Those who use stablecoins for large-scale international transfers may start looking for censorship-resistant dark stablecoins as an alternative."
Taurus's contract may offer many privacy features of so-called dark stablecoins but will not bring potential regulatory risks.
The global stablecoin market has surpassed $260 billion, becoming a bridge between traditional finance and the digital asset world. Tether's USDT and Circle's USDC dominate the market, but an increasing number of competitors are entering the field.
According to RedStone's latest report on tokenized real assets, at least 30 stablecoin issuers have a circulating supply exceeding $100 million.
The adoption of stablecoins is expected to be driven by the passage of the U.S. GENIUS Act, which recently cleared a significant legislative hurdle in the Senate. According to Cointelegraph, the GENIUS Act could open the door for tech giants like Meta Platforms to issue their own stablecoins.
On the other hand, the European Commission has taken a more lenient stance on stablecoins, stating that the risks of issuance outside Europe are manageable under the region's Markets in Crypto-Assets (MiCA) framework.
Related: Hong Kong unveils new stablecoin rules and tokenized bond plans
Original article: “Crypto infrastructure provider Taurus launches private stablecoin contract for Deutsche Bank and State Street”
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