Handcash, in partnership with payments company MNEE, has announced the upcoming launch of the first USD-backed stablecoin designed to revolutionise digital transactions by leveraging the BSV blockchain.
Speaking at London DevCon 2024, Rafa Jiménez (Co-Founder and CTO of HandCash) said that the stablecoin will be launched sometime in the summer of 2024 and that his team will also begin offering a ‘wallet-as-a-service’ function so that businesses do not feel like they need to be tied into the ecosystem or long-term contracts.
The first of its kind
HandCash is launching the stablecoin as part of a partnership with Tokenized and payments company MNEE. Each MNEE token is redeemable for $1.00 and is fully collateralised by US T-bills, USD cash, or stablecoin equivalents. MNEE operates as a licensed and regulated custodian and issuer of digital assets in Antigua, ensuring full compliance and security in line with international standards.
With stringent AML/KYC compliance, robust risk management, and effective treasury management, MNEE will undergo full audits with attestation of reserves, providing transparency and reliability to its users.
‘Sitting at approximately $160 billion today, the stablecoin sector is projected to reach nearly $3 trillion by 2028, clearly demonstrating market desire for the instant processing and high security of stablecoin payments, coupled with the volatility-free stable valuations of fiat currencies,’ said Savvas Rigas, Chief Financial Officer of MNEE. ‘With the launch of MNEE, we are proud to introduce the industry’s fastest and most scalable stablecoin to date, truly establishing MNEE as the currency for tomorrow.’
HandCash CEO Alex Agut told CoinGeek that he and his company were happy to work with MNEE and are confident its stablecoin solution will significantly improve the HandCash platform and BSV as a whole.
‘BSV has always been wildly impressive from a performance standpoint; by allowing users to now transact with USD, we are removing one additional layer of complexity for newcomers. We think this is the last piece we need for building products for a non-crypto audience. Finally!’
Usable money is the lifeblood of HandCash’s ecosystem as a gaming and payments-driven company, he added.
‘We required a fast and lightweight solution for moving dollars across the internet. Tokenized and MNEE support the same low latency, cost-effective and instant transactions we are accustomed to.’
Helping developers with the right tools
Outside of the announcement of a new stablecoin, Jiménez also gave an overview of HandCash and how it is geared towards helping developers build a product using the right tools.
The HandCash suite of products offers a range of ways to interact with the BSV blockchain, with the HandCash wallet providing a sleek and feature-packed application for end-users. HandCash Connect forms part of this suite of tools and is made up of a set of APIs (Application Programming Interfaces) that developers can use to integrate HandCash wallet functionality into their applications. This allows users to sign in to their HandCash wallet from within third-party apps and perform transactions seamlessly.
Jiménez also detailed the HandCash SDK: HandCash offers a software development kit (SDK) for developers, providing libraries, documentation, and code samples to facilitate the integration of HandCash wallet features into their projects. The SDK helps developers streamline the process of building applications that leverage HandCash’s capabilities.
