Deep Blue Selects Wormhole As Interoperability Solution for DBUSD Stablecoin
Deep Blue will leverage Wormhole NTT (Native Token Transfers) to facilitate cross-chain transactions for DBUSD stablecoin
SAINT HELIER, Jersey, Oct. 29, 2024 /PRNewswire/ — Deep Blue, a newly launched stablecoin issuance platform aimed at developing the industry across real world and crypto applications, today announced the selection of Wormhole as a core interoperability provider for their Deep Blue USD (DBUSD) stablecoin. Soon to be available to anyone with a blockchain wallet, DBUSD is designed to provide a secure, efficient, and stable medium of exchange in the digital economy. By leveraging Wormhole’s cross-chain capabilities and secure infrastructure that caters to the development of institutional-grade stablecoins, DBUSD will further their efforts as the future of B2B and cross-border payments.
By entering the Deep Blue ecosystem, Wormhole will support Deep Blue in its mission to enhance global financial inclusion and efficiency through blockchain technology. DBUSD, as a securely-backed financial asset, is minted 1:1 with USD fiat and possesses native multichain capabilities across Ethereum, Arbitrum, and Solana, making it stable and versatile across a wide range of use cases. DBUSD’s safety and security is paramount, featuring proof of reserves (POR) and reserves management for the stablecoin, ensuring that users can leverage the asset with confidence.
Alex Clement de l’Epine, co-founder of Deep Blue, commented on the news saying, “We are driven by the belief that access to stablecoins, like DBUSD, can change the fabric of financial interactions onchain. We prioritized security, trust, cost-efficiency, and transparency when creating the stablecoin, and integrating directly with Wormhole, who can allow DBUSD to move seamlessly between ecosystems was a natural next step. Access is a priority and Wormhole is well suited to facilitate that vision.”
Using Wormhole’s NTT framework, Deep Blue can cut liquidity fragmentation by preserving the intrinsic properties of tokens on different chains. Leveraging NTT will expand access to DBUSD and make their cross-border payments, remittances, and trading services more efficient.
Robinson Burkey, co-founder and CCO of Wormhole Foundation, added: “DBUSD’s versatility, combined with Wormhole’s cross-chain capabilities, creates a stablecoin that will play a critical role in multiple use cases across our industry. Directly backed 1:1 by the US dollar, DBUSD provides the trustworthiness that users seek when balancing this portfolio of assets and exchanging currencies across multiple ecosystems.”
About Deep Blue
Deep Blue Limited is the issuer of a next generation Jersey-based stablecoin known as DBUSD, which is dedicated to enhancing global financial inclusion through blockchain technology. At its core, Deep Blue, which has a bankruptcy-remote legal structure, values transparency and security, and DBUSD is supported by the appointment of well established and reputable services providers including financial institutions and key industry firms, ensuring operational excellence and stability. DBUSD is backed by low risk assets such as money market funds and its use cases include cross-border payments, remittances, trading and collateral.
About Wormhole
Wormhole is the leading interoperability platform that powers multichain applications and bridges at scale. Wormhole provides developers access to liquidity and users on over 30 leading blockchain networks, enabling use cases that span DeFi, NFTs, governance, and more.
The wider Wormhole network is trusted and used by teams like Circle, Securitize, and Uniswap. To date, the platform has facilitated the transfer of over 49 billion dollars through over 1 billion cross-chain messages.
About Wormhole Foundation
The Wormhole Foundation is the steward of Wormhole—the world’s first generalized messaging protocol. Our mission is to empower passionate people in researching and developing blockchain interoperability technologies. Through grants, research, and ecosystem programs, we seek to enable teams to build secure, open-source, and decentralized products within the Wormhole ecosystem.
Media Contact
M Group Strategic Communications (On behalf of Wormhole Foundation)
wormhole@mgroupsc.com
SOURCE Wormhole Foundation; Deep Blue
