Grand Cayman, Cayman Islands, March 8, 2024, Chainwire
Powered by Pravica, S3 provides Sui blockchain builders the opportunity to seamlessly launch native stablecoins without complex smart contract development and currency management.
S3.MONEY (S3), a stablecoin studio developed on 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,” plans to revolutionize the global payment processing landscape by introducing a versatile and user-friendly solution for building and leveraging stablecoins on the Sui blockchain.
S3 provides core utilities designed to build custom stablecoins directly on the Sui blockchain. This allows issuers to create fiat-backed stablecoins without having to build the custom technical 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 custom stablecoin solutions tailored to meet the specific regulatory requirements of various jurisdictions.
S3 has also built an entirely new process for stablecoin management, providing a streamlined, one-stop-shop experience through a simple interface. Sui’s Stablecoin Studio provides intuitive and capable management features with role-based controls, making it easy to configure and manage your stablecoins. The platform powers financial command through built-in proof-of-reserve functionality and seamless integration with on-chain oracles. Integrated KYC/AML capabilities prioritize compliance and enhance due diligence through qualified identity verification services.
Mohamed Abdou, founder and CEO of Pravica, expressed his enthusiasm for S3 and Sui, Pravica’s foundation for stablecoin creators. “With the adoption we are already seeing and our deep experience in international payment systems, we are confident that stablecoins will revolutionize the global payments industry. We also believe that Sui provides the most capable platform for building powerful and scalable distributed utilities. “Building on Sui, S3 is poised to become a global utility creating custom payment solutions utilized by millions,” he said.
In addition to helping builders create their own stablecoins, S3 also comes with Walletify, a cutting-edge payments app that acts as a closed-loop payment solution. Walletify allows users to seamlessly transact using stablecoins created through the S3 utility. Built on Sui’s unique Move-based design pattern, Walletify’s closed-loop architecture ensures a secure and efficient payment experience for both merchants and users.
“The Pravica team has done an incredible job and built a much-needed financial tool. Sui’s Stablecoin Studio will remove enormous obstacles for stablecoin issuers and transform the global payment processing industry,” said Greg Siourounis, Executive Director of the Sui Foundation. “We are very pleased that they decided to deploy this innovative solution at Sui.”
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