Money Tokenization built on blockchain just got an enormous boost with the launch of UAE and Egyptian based Pravica’s S3 (Stablecoin Studio on Sui) testnet during the CV Summit Africa 2024.
Less than two months after publicizing the launch of S3.Money on the Sui Blockchain, The S3 testnet is now up and running, welcoming developers and financial community to start building tokenized money whether CBDCs (Central Bank Digital Currencies) or stablecoins.
According to Pravica blog post, the S3 platform is set to revolutionize the global payment processing landscape by allowing money to be tokenized in a versatile and user-friendly way swiftly and securely. The premise is financial empowerment with blockchain based money tokenization, because the future of money is all about innovation and accessibility.
Mohamed Abdou Founder and CEO of Pravica, explaining the concept states, “With S3, issuing and managing CBDC or stablecoins are a matter of clicks!”
S3 Money is a solution that caters not only to up and coming stablecoin issuers such as central banks, retail banks, and DeFi (Decentralized Finance) projects, but also to existing stablecoin issuers including the creators of Tether (USDT), Circle (USDC) by offering them the ability to simplify, quickly issue, manage and create different treasury layers for their respective stablecoins.
As per Pravica, gone are the days of building and auditing smart contracts, S3’s innovation solution on Sui, bring stablecoins to life through a streamlined process of stablecoin issuance just by defining the parameters.
S3 also helps to maintain the stablecoin ecosystem through S3’s intuitive management dashboard. The dashboard monitors supply and demand in real-time, tracking transactions easily and allowing for adjustments along the way.
Pravica has introduced a feature in S3, called ‘Relations’, which allows clients to establish a secure, multi-layered hierarchy for sub-wallets within a client’s stablecoin ecosystem. Imagine creating permissioned access structures for different user groups, or designating sub-wallets for specific departments within your organization.
The platform enhances treasury command with built-in proof-of-reserve functionality and seamless integration with on-chain oracles. Integrated KYC/AML features prioritize compliance, strengthening due diligence with qualified identity verification services.
All this has been enabled because S3 leverages the secure and blazing-fast Sui blockchain for unparalleled stability and transaction speed.
The one-stop streamlined experience is unparalleled because of the intuitive capable administration with role-based controls, that allow the effortless configuration and management of tokenized money.
As Abdou explains, “Based on the adoption we are already seeing and our deep experience with international payment systems, we are convinced that stablecoins will revolutionize the global payments industry.”
This comes as Pravica has rebranded, revamped and restructured their offering into a more comprehensive blockchain infrastructure solution provider. Pravica is offering solutions for a trustworthy and transformative digital landscape utilizing secure, efficient, and innovative blockchain solutions.
