Impel brings Fluent’s US+ Stablecoin to the XDC Network, a Layer 1 blockchain, for more than just cross-border payments. Impel and Fluent have entered into a strategic partnership that will deliver a variety of innovative software solutions to the XDC Network’s ecosystem by allowing traditional banks and financial intuitions to benefit from decentralized finance using DLT.
Dallas, Texas, Oct. 06, 2022 (GLOBE NEWSWIRE) — Fluent Finance, the blockchain and fintech development firm behind the regulator-forward US+ stablecoin has entered into a formal partnership with Impel to bring the US+ stablecoin to the XDC Network. Additionally, Fluent has already entered into numerous partnerships with US-based banks to integrate US+ into their core-banking systems that will be connected to the XDC Network. Through Fluent’s finance partners, US+ will provide robust and reliable liquidity on the XDC Network.
Fluent created a federation of banks that will mint and redeem US+ onto and off of the XDC Network. US+ includes real-time audits, smart contracts, and maintains a 1:1 ratio with the U.S. Dollar through provably sufficient bank reserves. It is backed by fiat deposited with these vetted federated banking partners, removing the counter-party risk barrier that contributed to the stalled approval of stablecoins in the traditional banking system. The successful integration of Fluent’s US+ protocol into core-banking systems will allow banks to benefit from the US+ stablecoin in a low risk and regulated setting.
Designed for enterprise-grade financial services, the XDC Network is a natural strategic partner for Fluent in addition to their traditional finance partners. Impel and Fluent’s partnership will provide a robust and solid ecosystem, as they are better together, creating and offering remarkable value. US+ will complement both Impel’s ISO 20022 financial messaging API that offers optional instant settlement capability, as well as its R3 Corda | XDC Network Bridge.
Bradley Allgood, the CEO of Fluent said, “The XDC Network ticks the boxes for a Layer 1 partner that can help us expand US+, but more importantly, bring stablecoin benefits into new ways of conducting business, such as international trade and finance, where cross-border payments and instant settlement are game-changers.”
As a proof-of-concept, Fluent has successfully deployed the US+ smart contracts onto the XDC Network’s testnet development environment, called Apothem. Bradley continues, “The process of integrating and working with Impel has been remarkably smooth, and the Impel-XDC Network team has been tremendously responsive and supportive during this collaboration.”
Troy S. Wood, the CEO and Founder of Impel said, “Adding US+ to the XDC Network’s ecosystem was an easy decision, as Fluent has a strong management team and most likely, the very best Stablecoin option in the industry, based on both regulation and security.” The XDC Network is a Layer 1 blockchain that was built for enterprise-grade trade finance and payments, to which Impel offers an ISO 20022 financial message API with optional instant settlement capability, as well as our R3 Corda | XDC Network Bridge for settling debt obligations on-chain, rather than traditional means. We put robust functionality, security, stability, and speed at the forefront for our customer’s benefit. Businesses can put their trust in the technology and transition to blockchain to reap phenomenal benefits. Wood continues, “Industry around the world will soon see and be hungry for adoption to receive strong benefits that real-time cross-border settlement has to offer. Just as Bradley called it, a real game-changer.”
About the XDC Network
The XDC Network is an enterprise-grade, EVM-compatible Layer 1 network equipped with interoperable smart contracts. A highly optimized, bespoke fork of Ethereum, the XDC Network reaches consensus through a delegated proof-of-stake (XDPoS) mechanism, which allows for two-second transaction time, near zero gas fees, and over 2,000 transactions per second (TPS). Secure, scalable, and highly efficient, the XDC Network powers a wide range of novel blockchain use cases. Learn more at https://xdc.org
About Fluent Finance Inc.
Fluent Finance Inc. is a U.S. blockchain development and fintech company that bridges traditional and digital assets. Internet site: www.fluent.finance
Media Contact:
Scott Richards
+971 52 102 0580
[email protected]
About Impel
Impel is a fintech innovator delivering ISO 20022 financial messaging for making payments with optional instant settlement capability, as well as a bridge to the R3 Corda platform to future-facing banks, financial institutions, corporates, as well as SMEs all around the world. Impel provides a cost-effective alternative to legacy solutions like SWIFT and SEPA, as well as a faster payments option by allowing digital assets to be included in the message’s payload for instant settlement rather than using traditional nostro/vostro accounts and the Central Banking System. Impel’s R3 Corda | XDC Network Bridge allows digital assets to be used as a settlement vehicle within CorDapps on the private R3 Corda platform. Impel’s service offerings are built on the XDC Network’s blockchain, a distributed ledger technology (DLT) platform that was created for trade finance and payments, as well as and for retail offerings. Organizations can leverage Impel’s technology as a catalyst to strategically transform their business by unlocking value-added opportunities that can be passed onto their customers. Learn more at: https://www.impel.global/
Media Contact:
Troy S. Wood
[email protected]
Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. TheTechOutlook.com takes no editorial responsibility for the same.
