Baar, Switzerland — TOKI, a leading provider of IBC-enabled cross-chain infrastructure, has made history by facilitating the first-ever cross-chain transfer of an ERC20-compatible stablecoin backed by multiple Japanese banks from Ethereum (Sepolia) to BNB Chain testnets using IBC.
—
What is IBC?
IBC, or Inter-Blockchain Communication protocol, serves as the backbone of blockchain interoperability, enabling secure and permissionless cross-chain interactions among over 110 blockchain networks. With a monthly asset transfer volume of $2.7 billion, IBC has emerged as the go-to solution for seamless interoperability in the enterprise space, backed by the Interchain Foundation’s commitment to its development.
TOKI, equipped with IBC-enabled cross-chain infrastructure, spearheaded this milestone achievement. Working in tandem with Progmat, an issuance and management platform for RWAs and stablecoins, TOKI developed the cross-chain infrastructure needed to bridge Ethereum, BNB Chain, and other major blockchains. Progmat, backed by Japan’s leading financial institutions such as MUFG, SMBC, Mizuho, and JPX, aims to issue regulated stablecoins compliant with Japanese regulations.
This breakthrough not only expands IBC to non-Cosmos blockchains but also introduces a novel security model combining SGX, MPC, and ZKP technologies. By leveraging this architecture, TOKI ensures secure and efficient cross-chain transfers while maintaining low gas costs, paving the way for widespread adoption of blockchain interoperability solutions.
Progmat’s stablecoins, pegged to currencies like USD and JPY, are backed by fiat currency assets deposited in a trust bank, guaranteeing the safety of collateral assets.
Through a lock-and-mint mechanism compliant with ICS-20, the IBC token transfer module, TOKI facilitates the seamless transfer of stablecoins across multiple blockchains. The burn-and-mint mechanism, akin to Circle’s CCTP for USDC, further streamlines cross-chain native token swaps through IBC.
What’s next?
Progmat’s stablecoins are compliant with Japanese regulation. They will be pegged to currencies such as USD and JPY. One of the key features of Progmat is that the fiat currency assets serving as collateral are 100% deposited in a trust bank, unlike other stablecoins, ensuring the safety of the collateral assets even if the stablecoin issuer fails.
Stablecoins will be issued on Progmat’s stablecoin platform in the second half of 2024. In line with the launch of these stablecoins, TOKI will implement a burn-and-mint mechanism to facilitate the cross-chain native token swap through IBC. Like Circle’s CCTP does for USDC, but open, and on IBC.
For more information on TOKI’s security model and upcoming initiatives, refer to their blog.
—
About TOKI
TOKI is a pioneer in IBC-enabled cross-chain infrastructure, dedicated to fostering seamless interoperability among blockchain networks. With a focus on security, efficiency, and accessibility, TOKI is driving innovation in the blockchain ecosystem, empowering developers and users worldwide. To learn more, visit TOKI’s website.
About Progmat
Progmat is an issuance and management platform for RWAs and stablecoins, backed by Japan’s largest financial institutions. Through its partnership with TOKI, Progmat aims to revolutionize stablecoin issuance and cross-chain interoperability, paving the way for the widespread adoption of blockchain-based financial solutions.
About Interchain Foundation
Interchain Foundation stewards and advances the interchain ecosystem, driving innovation and collaboration across blockchain networks. With a commitment to open-source development and community engagement, Interchain Foundation plays a pivotal role in shaping the future of blockchain interoperability.
I envy your piece of work, appreciate it for all the great posts.
You are my inspiration , I possess few web logs and often run out from to brand.
Excellent blog here! Also your web site loads up very fast! What host are you using? Can I get your affiliate link to your host? I wish my website loaded up as fast as yours lol
great points altogether, you simply gained a new reader. What might you recommend about your submit that you just made a few days ago? Any sure?
can i purchase cheap clomid without insurance generic clomid where to get generic clomid without dr prescription can i buy clomid tablets where buy cheap clomiphene price cost of generic clomiphene pills buy clomiphene without dr prescription
Palatable blog you be undergoing here.. It’s hard to espy elevated quality script like yours these days. I justifiably recognize individuals like you! Go through guardianship!!
More posts like this would add up to the online play more useful.
buy zithromax 250mg pills – buy ofloxacin 400mg for sale buy generic metronidazole 200mg
order generic domperidone 10mg – sumycin sale buy cyclobenzaprine generic
I feel that is among the so much significant info for me. And i’m happy reading your article. But want to observation on some common things, The website taste is perfect, the articles is truly great : D. Good process, cheers
inderal 20mg pills – order generic methotrexate methotrexate 10mg pills
buy azithromycin 250mg pills – buy tinidazole 300mg generic buy bystolic for sale
order augmentin 625mg without prescription – atbioinfo ampicillin drug
brand nexium 20mg – nexiumtous buy esomeprazole sale
warfarin 2mg usa – https://coumamide.com/ cozaar order
I was examining some of your content on this site and I think this internet site is really instructive! Retain posting.
buy mobic online cheap – mobo sin buy mobic 7.5mg online cheap
deltasone tablet – https://apreplson.com/ deltasone 5mg for sale
medicine for impotence – fastedtotake.com best pill for ed
amoxicillin generic – buy amoxil for sale buy cheap generic amoxicillin
buy fluconazole 100mg pill – https://gpdifluca.com/ buy diflucan for sale
Woah! I’m really digging the template/theme of this blog. It’s simple, yet effective. A lot of times it’s difficult to get that “perfect balance” between usability and visual appearance. I must say you’ve done a excellent job with this. Also, the blog loads super quick for me on Opera. Outstanding Blog!
cost cenforce 50mg – on this site cenforce pills
cialis daily review – blue sky peptide tadalafil review tadalafil prescribing information
zantac cost – zantac pills order generic zantac 300mg
when does cialis go off patent – https://strongtadafl.com/# cialis tadalafil & dapoxetine
This is a theme which is near to my heart… Numberless thanks! Exactly where can I find the acquaintance details an eye to questions? click
can you buy viagra ebay – https://strongvpls.com/ viagra 50mg coupon
I’ll certainly return to skim more. https://ursxdol.com/amoxicillin-antibiotic/
I like this post, enjoyed this one appreciate it for putting up. “When you make a world tolerable for yourself, you make a world tolerable for others.” by Anais Nin.
I am in point of fact enchant‚e ‘ to coup d’oeil at this blog posts which consists of tons of worthwhile facts, thanks representing providing such data. aranitidine.com