Stably creates stablecoins for borderless international payments

0:00I'm Ashton Addison from event chain for investmentpitch media and FinTech news network and today on blockchain interviews we have Corey Huang the CEO of stabili Corey welcome to the show it's a pleasure to have you back and to have you here today yeah show Aston you're very welcome for the viewers that didn't see our last interview I'd love to kick it off with a

0:22little bit of background on the stable project as well as stable USD so if we could start I'd like to get a little information on what is stable and why is the stable USD coin an important asset to the blockchain ecosystem yeah sure so stately is seattle-based FinTech startup we were found at 2018 we raised a total of three million dollar close to three

0:47million dollar in venture capital so far currently we have a stable coin product that we start developing in 2018 and it's backed by US dollar is for USD s we managed to launch it toward the end of 2018 and a list there about major exchanges we finance attracts hybrid and a lot of other decentralized protocol as well and ever since then starting in the

1:16middle of last year actually we started expanding into stable point of service create stable points for other enterprise clients and a b2b customer as well as creating a more list financial account platform where anybody can open an account – or a wallet essentially a digital wallet that they can open online and already sort of crypto currency or US dollar and they can also issue redeem

1:46stable coin directly from that account but yeah everything's going really great we actually just closed our most recent funding round earlier this year and right now we are on path to launch several major and the price project that we have been working on with our partners and clients and that should be coming out soon and literally in one or two but the next one's very cool and

2:11yeah stabili has done a lot since our last interview last year with your new Enterprise Solutions Staley Prime and we'll get into that but first I want to touch a little bit more on the stable USD stable coin you know you tout on the website that it's an asset-backed regulated transparent stable coin and a lot of people that are just getting into Bitcoin and cryptocurrencies are having

2:33a hard time understanding the difference between fiat and cryptocurrencies and what backs different currencies so could you talk a little bit about what are the specific assets that you saw to back stabili as a you know a stable value for a cryptocurrency and how did you decide what was the best way to back the currency sure so the first stable coin

2:57we created a stable T dollar or USD S is backed by obviously a US dollar and the reason we sell on that was because the US dollar is you know very straight forward as simple and easy as the world's reserve currency versus all use cases for it and when we first embarked on this project back in 2018 there were a lot of other projects that we're trying to create an alternative a US

3:20dollar back stable points to compete with other since then you know tether hasn't really butter and stronger and they're still grown so since then you know we decided not to directly compete with each other in the US dollar stable point game that would be vital and so we tended it over to tokenizing other asset classes including commodities like gold

3:47silver looking into tokenizing crude oil as well we're also to advising other fiat currencies recently we took nice to be dollar for one of our enterprise clients and we're working with several other clients in Asia to tokenize Filipino peso we're doing a stable corn peg to VND but it's actually backed by

4:14US dollar and not B indeed that was a pretty interesting project there's another one that's a Baja Mian a stable coin project is backed by Baja me and which has already picked the usdollar yeah so you know where we're getting a lot of interesting requests for a lot of the world to pass and you know well tested robust method of issuing their

4:44own brand of stable points with the you know two or three months and we're able to develop deliver on that solution based on our existing technology that we've already filled some asset classes like like oil gold for example those are a little bit more unique it's not as easy to custody like you know cash at a bank so those projects do take a little bit

5:04longer to develop and launch but yeah I think in three or four weeks we'll be announcing one of our precious metal back stay with my projects with one of our major partners very interesting that there's all these different currencies and countries that are getting involved with this and it really seems to be picking up steam and earlier on you mentioned that you're working on this

5:31borderless transaction service that's a part of stable ease model now stable coins seem like a very valuable way to be able to transfer value internationally as opposed to going through some centralized providers can you talk a little bit about why you launched stately Prime and how does that fit into your stable coin ecosystem yeah absolutely so the reason why we launched

5:56a booty Prime is three primary reason first is to create a borderless account and want to meet my borderless is an account that is truly you know accessible for anybody in the world so with this account anyone the world can open it no matter where they're from so let's say I'm in Vietnam right now at the moment somebody here in Vietnam wishes to open this account they can go

6:22ahead and do it online they don't have to travel to the US like a regular banking account you know which book or passport visa money to get the plane ticket all that kind of stuff so it's not as easy for the average person and you know a developing market wish to access US banking products it's not easy for them to just builds the u.s. Buddha but this one cow you know we

6:44is an account it's actually a minister my prime trust which is a regulated financial institution from Nevada they're a Trust Company so I is you know almost like a bank okay Fang black it's not exactly a bank account but it's similar to the bank account in that it can hold US dollar you can deposit disbursed US dollar from this account to anybody into where we

7:14can receive deposit and u.s. dollar from anyone in the world I have wire ACH check credit debit card etc and then we also start adding a crypto integration to it so that you can deposit cryptocurrency as well as dispersed cryptocurrency and then we build it we go into it the ability to issue an redeem stable points which is actually a USPS our own way a stable point and

7:39we're also going to built into it the ability for people to buy sell cryptocurrency so it's basically all in one solution in one single account that you know any a lot of different type of customer be used from crypto customers you know like funds exchanges crypto marketplaces over I CEOs and stos Sarah to traditional businesses like remittance company

8:06payment companies or international companies that does a lot of payments cross-border payments etc they can all leverage this account so yeah so that's our first goal up to being a truly borderless account that could help people transact faster and cheaper and you know with global accessibility mm-hmm there's second reason we created a stately prime is we wanted to you know

8:35offer a way for people to earn better interest on their dollar so right now as you may know you put money into a bank account if you're not earning anything you're earning less than 1% probably 0.1 or 0.2 sometimes nothing at all because interest rate environment is all-time low at the moment but in the market you see you know there's crypto lending we're just really taking off it

9:05has grown elastically like for example uh Celsius Network which is a partner they recently crossed one billion dollar total assets it's all deposit on their platform which is pretty huge bust though for this industry as a whole and you know the rates that crypto lending is paying now is significant you have interest rate going from eight to nine to twelve percent

9:27you've been on certain platforms and this is a lot more consciously it's a lot more attractive than traditional interest rate that banks are paying and of course this is you know the lending is not like regular FDIC and short cash there's a couple of caveats to it but that's the reason we built saving from will make it easier for people to access this type of product and you know make

9:51them aware you know how this work and what's in it what the risks are involved so that they can make their own informed decision to put their money to work in this system and yeah you know or an eight to twelve percent a year and I'm not letting I said I don't eat up by inflation and uh yeah so that so earning interest and beating inflation and most

10:14importantly is you know we have we basically want to create a platform where we can provide support for this state we enterprise project that we are launching so you know we're working with a gold dealer to do gold tokens working with a silver dealer to do silver tokens we're working with you know clients in the Philippines and Vietnam and Hong Kong to do various type of fiat currency

10:40back stable point there was all these things at launch we obviously help our clients and partners connect with the changes OTC trading best lending forms marketplaces acerra a lot of ecosystem players in order to integrate you know our enterprise clients tokens and in addition to that we also want to have our own platform that we can provide access to the users – to our clients

11:10tokens so you know if you want to buy to go token you can maybe you can buy all my days maybe even five in tracks maybe buy it directly with the go dealer or maybe you can go to my platform there too so it would provide place where we could showcase all of our clients to products and also a place where we could distribute it to the public hmm that's

11:31great and that's a lot of information it's great to see that you're integrating cryptocurrencies as well as Fiat wire transfers and then integrating the staking and it's definitely been an attractive industry inside of cryptocurrency so far with these stable coins giving anywhere from eight to twelve percent as opposed to lower than one percent you're right so that's

11:54really interesting that you're integrating that into stately prime and what you mentioned about the enterprise clients is super interesting as well and I'm curious what is your take on how important is the enterprise adoption of this kind of service versus individuals and where do you see the industry growing you know is it required to have all these enterprise solutions or will

12:17we see more of a ground-up individuals joining and starting this kind of revolution yeah absolutely I guess I'll answer that question in two parts first is you know I think the reason why you know we're even in the business of creating a stable points for enterprises or you know SFX opens for large brands at all it's because we believe there is actually value before

12:44these companies and their users in doing this and you know even for the economy in the market as a whole when you're a major brand like Costco or Walmart or Amazon for example you have a lot of existing users right and all these users are paying you with you know eternity they give you cashed in person or most likely they're gonna pay with cart they're paying online to penguin carts

13:09Visa MasterCard American Express whatever guess what each one of those transactions takes up 2 or 3% in fees and the person who has to paint it is actually the consumer you know they charge that fee to the merchant but the merchant marks up the products anyway so the consumer you know has have to having to pay that to the three-percent people right so if a business like Facebook a

13:34Walmart or Amazon Facebook and Walmart by the way have already announced their own stable park plans like Libre with Facebook I don't know what Walmart's calling me in this call I think it's uh I'm gonna have a name yet we'll call it Wally coin or something so yeah Facebook have Libra walmart has Wally Kuwait and they all know that if they all get their

13:53users to use the state they're stable point to pay for products and services in their ecosystem they say to a 3% from not having to pay to visa on every transaction 203 percent on all those transactions and on top of that right so now they're first are saving money second is they're earning money when they're my under customer put money into a stable point the reserve the Fiat

14:18reserve packing about that stable point that now go to the custody of Walmart or Facebook or you know a custodian financial institute or bank that they use right so now that you know now you have that deposit now that was kind of earn the money you know if you have like a couple million or billion or a couple billion dollar of customer deposit sitting on your hand and you know

14:38there's a lot of thing you could do what it should generate return and what I still keep it safe and stable to the end consumer down and also you create your own brand of stable coin or digital money essentially you have a lot of marketing power Durr all right this one branding there's a lot of promotion there's a lot of like huge huge potential and possibilities and also the

15:08last piece is when you get your customers to use stable coins your own stable coin even better now that data is on the blockchain no you can't users data and get watching data insight on how your consumers are planning their money or spending their stable coin using their stable coin what product you know there they're spending the most money on cetera so yeah I think it's uh you know

15:37there's a lot you use cases for private private enterprises to issue their own digital money and so they go and find you know someone that can help them do it and then you know someone like Stapley who's already here we've been around for two or three years now uh as long as you know the stable point word has been around and you know we're one of the early pioneers in this and we

16:01have the technology stack available and we work with every client to really figure out you know what fits their needs what they really want and how we can best deliver on that solution on a case by case basis like everybody is different not there's no one shoe fits all size right now definitely well we're running out of time Cori but it sounds super

16:25interesting especially with all these large companies creating their own stable coins and I could see how SMBs and and smaller companies would want to get involved with this as well so for the viewers and the companies that are looking to learn more about enterprise solutions or just stabili in general what's the best way for them to reach out and to learn more yeah absolutely

16:48please feel free to visit our website www.engvid.com slash stay we coin or you can also visit our community channel on telegram slash stately community great thank you so much Corey I will leave those links

17:14in the description box below for the viewers I appreciate you coming on to speak about stabili all the best with the project moving forward and let's follow up in the near future yeah thank you so much Ashley yes well you