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The initial launch of ZUSD will take place on the Ethereum blockchain, the current hub for blockchain development and asset issuance.
Zytara, a newly launched fintech aiming to be a digital banking platform and payment network for Millennials, Gen Z gamers, and esports enthusiasts has announced the upcoming launch of its Zytara dollar stablecoin (ZUSD). With this move, Zytara enters two burgeoning industries, the now multi-billion dollar stablecoin industry, as well as online gaming, which is set to hit $196 billion in 2022, data shows.
The launch of ZUSD follows hot on the heels of Zytara’s much-anticipated launch early this month, and the announcement of their first-of-its-kind digital banking solution catered towards gamers, a demographic that has been historically underserved by the traditional sector.
The ZUSD stablecoin will be created by Zytara’s wholly-owned subsidiary Zytara Capital and issued by Prime Trust. Prime Trust is a Nevada-chartered trust company that is also the regulated administrator for ZUSD. Prime Trust holds admirable tenure within the industry, and has been engaged by the likes of Binance, Trust Token, Bittrex and many more. Each ZUSD will be 100% collateralized with a corresponding USD held with Prime Trust, redeemable at a 1:1 ratio. The initial launch of ZUSD will take place on the Ethereum blockchain, the current hub for blockchain development and asset issuance. This initial release will be followed by a subsequent implementation on the DigitalBits blockchain, as the company executes on its mission to incorporate multiple blockchains.
“We are excited to partner with Prime Trust for the ZUSD launch. ZUSD will be a quintessential link to the traditional banking system as well as a major step forward in connecting the gaming industry with cryptocurrencies. ZUSD users will be able to transact in real-time, 24/7/365, simplifying payments and replacing cash with something more flexible and powerful,” said Al Burgio, Founder and CEO of Zytara.
“We’ve only begun to tap the surface of what stablecoins like ZUSD are capable of,” said Scott Purcell, CEO of Prime Trust. “Blockchain-based digital dollars, such as ZUSD, are programmable, enabling a number of features simply not possible with traditional alternatives. As leading provider of financial infrastructure for fintech companies, we’re looking forward to working with Zytara to bring ZUSD to market and drive innovation within the banking, gaming, and esports industries.”
The selection of DigitalBits among the initial blockchains for ZUSD comes as no surprise, with Burgio having founded the project in 2017. Forked from the Stellar protocol, DigitalBits is an open-source blockchain project and protocol with a primary focus on supporting branded cryptocurrencies, inclusive of the emerging category of branded stablecoins that gained significant traction in 2019 with the introduction of Facebook’s Libra Project. Avanti Bank, another challenger bank in the US also recently announced their plans to launch a stablecoin called Avit on both Liquid, a sidechain of the Bitcoin blockchain, and on Ethereum. ZUSD will be available on the Zytara platform, allowing its users to send and receive payments, earn on spending, and participate in other benefits enabled through the use of cryptocurrency. This integration looks to promote financial literacy and inclusion amongst Zytara’s target demographics, while also serving as a medium to holistically introduce cryptocurrencies to a wider audience.
Other use cases for ZUSD will include sending and receiving payments at any time using a digital stable dollar, a medium of exchange within the ecosystem of trading platforms; and a programmable dollar supported by fintech, esports and gaming companies, developers, and dApps.