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Chia Network Launches Native Peer-to-Peer Trading Services for Wallet Holders
The Bram Cohen-founded company will partner with Stably to launch a dollar-denominated stablecoin on its blockchain.
By James Rubin
Updated May 11, 2023, 6:03 p.m. Published Jan 12, 2022, 4:23 a.m.
Chia Network, the energy-efficient, blockchain and smart transaction platform, is launching native, peer-to-peer exchange services for Chia wallet holders.
- To support the product, called Offers, the company said Tuesday it is partnering with Stably to launch USDS, a dollar-denominated stablecoin on the Chia blockchain. Stably will also make wrapped bitcoin and wrapped ether available on the Chia blockchain.
- “Chia is meeting critical security and compliance needs to make peer-to-peer transactions safer and easier,” Chia President and Chief Operating Officer Gene Hoffman said in a statement. “Launching Offers is the first step in delivering on those needs, and our partnership with Stably to provide U.S. dollar-pegged stablecoins and wrapped cryptocurrencies is integral to the process.”
Read More: Chia Network to Develop Prototype for World Bank’s Climate Warehouse
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- In a phone interview with CoinDesk, Hoffman said the latest initiative would help Chia connect with its “core community of early adopters” – entrepreneurs and developers. He added that “stablecoins are a great way for a business to put dollar value into a (Chia) wallet to buy carbon credits.”
- Through Offers, Chia wallet holders – what the company calls makers and takers – can create and accept trade offers. Chia said that the service allows any two users to complete trades securely without fees, counterparty risk or the need for middlemen custodians that characterize centralized exchanges.
- San Francisco-based Chia, created by BitTorrent founder Bram Cohen and which aims to reduce public blockchains’ energy dependency, raised $61 million in a Series D funding round at a valuation of $500 million last year.
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Stablecoin Adoption Is ‘Exploding' — Here's Why Wall Street Is Going All-In
Alchemy co-founder and president Joe Lau said stablecoin adoption is exploding as banks, fintechs and payment platforms push beyond the USDT/USDC exchange era.
What to know:
- Stablecoin usage is quickly broadening from crypto-native exchanges into payments, payroll and treasury as companies chase 24/7, digital-native settlement, according to Alchemy Co-founder and President Joe Lau.
- Banks are pushing tokenized deposits as a regulated, bank-native alternative that delivers stablecoin-like benefits for institutional clients.
- The endgame is a two-track system — stablecoins for open, two-party settlement; deposit tokens for bank ecosystems, until scale forces convergence and competition, Lau said.
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