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Hedera unveils open-source toolkit for stablecoin developers

hedera-unveils-open-source-toolkit-for-stablecoin-developers
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Hedera unveils open-source toolkit for stablecoin developers

With the SDK, Hedera wants to bring more stablecoin applications, sparing developers from blockchain hurdles.

Hedera, an open-source proof-of-stake network, is set to compete with blockchain giants like Ethereum (ETH) in deploying stablecoins with a new toolkit. In a blog post on Sept. 14, Hedera revealed a new open-source tool to build stablecoin applications on its network.

The SDK named Stablecoin Studio supports 3rd-party data sources and API integrations with pre-determined custody and KYC/AML providers, allowing stablecoin issuers to provide public disclosures of collaterals.

“For stablecoins to be widely adopted into mainstream payments and usage, stablecoin issuance and management needs to be customizable for any and all use cases.”

Shayne Higdon, co-founder and CEO of the HBAR Foundation

Hedera says Shinhan Bank and SCB TechX already have a stablecoin remittance proof-of-concept (PoC) using Stablecoin Studio.

The SDK is written in TypeScript and supports management CLI streamline smart contract interactions, as well as existing internal banking systems and on-chain oracles. Users can check the React-based interactive demo sandbox by setting up a Hedera testnet account.

Amid the news, Hedera’s native cryptocurrency HBAR gained 5.8%, reaching the $0.51 mark, according to TradingView data. The crypto’s market capitalization rose to $1.7 billion.

In March 2023, Hedera suspended network proxies on its mainnet, referring to “network irregularities.” Critical network services like wallets and decentralized exchanges were also turned off. Defi research firm Ignas wrote in an X post — referring to Pangolin Exchange CEO Justin Trollip — that the exploit targeted the “decompiling process in smart contracts.”