FinTech company Zytara has announced the upcoming launch of the Zytara dollar (ZUSD) stablecoin in partnership with its wholly-owned subsidiary Zytara Capital LLC (Zytara Capital) and Prime Trust, the leading Universal Asset Platform that enables payments, custody and settlement of alternative assets.
This follows news earlier this month around Zytara’s plan to launch the first-of-its-kind digital banking platform and payment network for Millennials, Gen Z gamers and esports enthusiasts.
ZUSD will be a stablecoin created by Zytara Capital and issued by Prime Trust, a Nevada-chartered trust company that is also the regulated administrator for ZUSD. Each ZUSD will be 100% collateralized with a corresponding USD held with Prime Trust, redeemable through Prime Trust at a 1:1 ratio and subject to examinations by an independent accounting firm with reports that are made publicly available on a regular basis. ZUSD will initially launch on the Ethereum blockchain, followed by the DigitalBits blockchain as the company executes on its mission to incorporate multiple blockchains.
ZUSD will also be added onto the Zytara platform, enabling members to send and receive payments, earn on spending, and participate in other benefits made possible through the use of a cryptocurrency. This integration is designed to promote financial inclusion and literacy, especially among gamers and esports enthusiasts.
“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,” said Al Burgio, Founder and CEO of Zytara. “ZUSD users will be able to transact in real time, 24/7/365, simplifying payments and replacing cash with something more flexible and powerful!”
“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.”
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.