Introducing Taurus SA’s Private Stablecoin Contract
Digital asset firm Taurus SA has officially deployed its first private stablecoin contract. The contract is built on the Aztec network, combining zero-knowledge proofs and compliance.
Setting It Apart
According to a press release sent to crypto.news, what sets the token apart from mainstream legacy stablecoins is its private contract which encrypts all balances and transfers. The smart contract only allows authorized parties like issuers and regulators access, ensuring user privacy.
Enhanced Security and Anonymity
The feature prevents third parties from monitoring crypto wallets, reverse-engineering investment strategies, or targeting users for their holdings. This advancement in private stablecoin contracts enables financial institutions to issue stablecoins for various applications while maintaining security and compliance.
Chief Security Officer at Taurus, JP Aumasson, mentioned that the launch of private contracts represents a significant step in advancing security and anonymity for stablecoins. This feature addresses concerns from banks and regulators interested in issuing stablecoins.
Functionality and Features
In addition to transaction encryption and compliance features, the smart contract provides functionalities similar to major USD-pegged stablecoins like Circle’s USDC. These include admin-controlled mint and burn, a pause button for emergency transfer halts, blacklisting addresses, and event logging for audit purposes.
Regulatory Landscape
The launch of Taurus’ private stablecoin contract coincides with the United States Senate passing the Genius Act to establish a legal framework for stablecoins. The stablecoin supply has seen massive growth, reaching over $250 billion, marking a 1,200% increase since 2020.
About Taurus SA
Established in April 2018, Taurus SA is a digital asset firm based in Switzerland, offering enterprise-grade digital asset infrastructure for issuing, custody, and trading various digital assets, including cryptocurrencies, tokenized assets, NFTs, and digital currencies.