As the Web3 space rapidly evolves, demand has soared for streamlined stablecoin operations. Existing tools, manual workflows, and connectivity into peripheral service providers often fall short of addressing the unique needs of today's FinTech institutions.
Stablecoin Studio was developed by Hedera, Swirlds Labs, The HBAR Foundation, and ioBuilders to help simplify stablecoin issuance and offer an efficient management solution. Stablecoin Studio is an open-source toolkit that empowers organizations to build stablecoin applications using Hedera network services. This comprehensive toolkit includes a software development kit (SDK), management command-line interface (CLI), and a React-based demo application.
Open sourced under an Apache 2.0 license, the toolkit helps platforms, issuers, enterprises, and payment providers overcome the technological and regulatory complexities of Web3. Stablecoin Studio makes it easier than ever to leverage the benefits of Hedera for stablecoin innovation.
Stablecoin Studio simplifies the process of issuing stablecoins using Hedera network services. It enables stablecoin issuers to easily deploy applications and oversee operations via a comprehensive management toolkit, allowing for streamlined digital asset operations.
Stablecoin Studio offers features and benefits that make it an ideal solution for building stablecoin-focused applications on Hedera. Here are the components of Stablecoin Studio:
TypeScript SDK and CLI: The TypeScript SDK and management CLI streamline smart contract interactions and operations, making it easy for developers to build and manage stablecoin applications without requiring specialized blockchain expertise.
Native Tokens with Custom Programmability: Stablecoin Studio allows you to issue native tokens that are ERC20 compliant, leveraging low, fixed fees; high throughput; and real-time settlement. Token behavior can be customized by programming issuance schedules, vesting, governance logic, and more using EVM smart contracts.
Advanced Administrative Controls: Easily configure, issue, and manage stablecoinsusing Stablecoin Studio's built-in administrative controls. Features like burn, mint, freeze, wipe, and pause enable precise control over token operations.
Native KYC/AML Account Flags: Stablecoin Studio is built with compliance in mind, leveraging Hedera's native KYC/AML account flags. Integrate qualified identity verification services to enhance due diligence capabilities when issuers connect to custody providers and KYC/AML services.
Custody Provider Integrations: Streamline operations with top custody providers by offering dedicated API hooks into leading solutions like Fireblocks, Zodia, and BitGo. Connect with qualified custodial services to aid asset security efforts.
Proof-of-Reserve for Treasury: Utilize existing internal systems or seamlessly integrate supported on-chain oracles to deliver provability in treasury management and programmable stablecoin issuance.
"We are very excited to hear that the Stablecoin Studio is now live on the Hedera network. We made use of this toolkit while doing the stablecoin remittance PoC project a few months ago, and it was quite convenient. We believe it can become a game changer in the web3 market,”KIM BYUNG HEE, CHIEF OF THE BLOCKCHAIN DIVISION AT SHINHAN BANK
Stablecoin Studio provides an ecosystem of integrations to streamline stablecoin operations on Hedera. The toolkit promotes the growth of a robust stablecoin ecosystem by connecting with leaders in digital asset custody, KYC/AML compliance, and stablecoin issuance.
Stablecoin Studio streamlines operations with top custody providers by offering dedicated API hooks into leading solutions like Zodia, HEX Trust, and DFNS, with more providers coming soon.
These integrations enable seamless and secure management of digital assets, providing a robust infrastructure for stablecoin-focused applications on Hedera. By partnering with these industry-leading custody providers, Stablecoin Studio ensures that your digital assets are safeguarded and managed with the highest level of security and compliance, allowing you to focus on building and deploying your stablecoin applications with confidence.
Stablecoin Studio offers native KYC/AML account flags and compliance configurations when connecting to custody providers and KYC/AML services.
Today, toolkit supports MerkleScience and Elliptic, with more provider integration on the way. These integrations enable stablecoin issuers to enhance their due diligence capabilities and ensure compliance with regulatory requirements.
Stablecoin Studio is already being utilized by various stablecoin issuers, including Rivia, Shinhan Bank, SCB TechX, Standard Bank Group, and Jewel Bank. These issuers are leveraging Stablecoin Studio to accelerate the growth of their businesses and the stablecoin industry as a whole.
“As a digital asset friendly bank and stablecoin issuer and infrastructure provider, Jewel Bank is thrilled to be utilizing the Stablecoin Studio toolkit to accelerate the growth of the industry and our business. The enterprise-grade suite of components pre-built in the Stablecoin Studio codebase is helping us meet the huge demand for USD banking & stablecoin payments needs of our clients, as well as the broader ecosystem of enterprises building on Hedera.”CHANCELLOR BARNETT, CHAIRMAN OF JEWEL BANK
The Hedera Token Service (HTS) and Hedera Smart Contract Service (HSCS) work together to provide a hybrid architecture that combines their respective benefits for building stablecoin applications on Hedera using Stablecoin Studio:
HTS allows tokens to be created and configured on Hedera with high performance, security, and low transaction fees. It provides an efficient way to mint, burn, and transfer stablecoin tokens.
HSCS enables developers to write smart contracts that implement custom stablecoin logic and advanced capabilities like multi-signature requirements and token governance. Smart contracts can interact with tokens created via HTS.
By combining both services, developers can take advantage of HTS for high-speed and low-cost token transactions while also using smart contracts to encode stablecoin rules, escrows, compliance hooks, and other complex logic.
This hybrid architecture offers developers the versatility to build decentralized stablecoin applications with the performance, security, and cost benefits enabled by Hedera's hashgraph consensus. HTS handles efficient token operations, while HSCS provides flexibility for custom stablecoin behaviors and integrations.
At a functional level, Stablecoin Studio provides a comprehensive architecture that enables developers to create, manage, and operate stablecoins on the Hedera network using pre-built smart contracts that have been audited by CertiK. The architecture consists of several components that work together to facilitate the deployment and management of stablecoins:
SDK: The SDK provides a set of tools and libraries to help developers build and deploy stablecoin applications on the Hedera network. It simplifies the process of interacting with smart contracts and HTS.
CLI: The CLI offers a user-friendly way for developers to interact with the SDK and manage stablecoins. It allows developers to perform various operations such as creating, managing, and operating stablecoins using simple commands.
React-based Web UI Demo: The user interface (UI) component provides a graphical interface for developers and users to interact with stablecoins on the Hedera network. It simplifies the process of managing and operating stablecoins for non-technical users.
The Stablecoin Studio SDK architecture also supports integration with commercial custody providers and KYC/AML service providers through API keys, making it easy for developers to add these services to their stablecoin applications. By adding an API key to the Stablecoin Studio architecture, developers can seamlessly integrate these services into their stablecoin applications, ensuring compliance with regulatory requirements and enhancing the functionality of stablecoin operations.
Get firsthand experience with Stablecoin Studio's capabilities by using the open-source, React-based demo application in a sandbox environment hosted by Swirlds Labs. The sandbox application is built using Stablecoin Studio's TypeScript SDK and runs on the Hedera testnet.
After setting up a testnet account in the Hedera developer portal or 3rd party HashPack wallet, explore creating and managing stablecoins on Hedera through the interactive demo at https://www.stablecoinstudio.com.
To start building the future of stablecoins, explore the following resources:
Explore the SDK & CLI documentation.
Check out the quickstart tutorials.
Contact ecosystem partners for architecture support and ecosystem grants.
Stablecoin Studio provides everything you need to unlock the next generation of stablecoin applications on Hedera. What future will you build?