U.S. fintech Zytara announced on Tuesday it has teamed up with Prime Trust to launch its Zytara Dollar (ZUSD) stablecoin. According to Zytara, 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.”
Zytara further revealed that ZUSD will also be added onto the its platform, allowing 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. Al Burgio, Founder and CEO of Zytara, spoke about the launch by stating:
“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. ZUSD users will be able to transact in real-time, 24/7/365, simplifying payments and replacing cash with something more flexible and powerful!”
Scott Purcell, CEO of Prime Trust, further commented:
“We’ve only begun to tap the surface of what stablecoins like ZUSD are capable of. 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
- a programmable dollar supported by fintech, esports and gaming companies, developers, and dApps
Founded in 2019, Zytara is a fintech focused on supporting Millennial and Gen Z gamers and their households.
“Through the Zytara mobile app, members can sign up for a spending account tailored to gamers and esports fans, with branded debit cards, automated payments for online gaming tournaments, player-to-player (P2P) transfers, and easy-to-use parental controls that enhance financial literacy and provide parents with peace of mind.”