IIAwards - Review of STASIS

As part of the recently announced IIAwards, in which we celebrate innovations in the fintech and crypto industry, today we will talk about STASIS.

STASIS is a crypto enabler platform founded in 2017. The company aggregates solutions from licensed financial intermediates to provide an institutional-grade link between the decentralized finance world and the off-chain market. The STASIS team pioneers commercialization of stablecoin use cases: acquiring, DeFi lending, remittance and white label corporate settlement. Since its launch, STASIS has functioned as the most transparent and institutional-friendly part of the European blockchain ecosystem through the strategic intersection of licensed financial intermediaries and distributed ledger technology. It’s a real trendsetter of the European cryptocurrency framework as the project’s team provided help in crafting the Maltese legal framework a few years ago.

STASIS generates its income by taking a minuscule percentage from reserves being held in the ecosystem. What is more, STASIS' EIP20 token EURS is the first stablecoin to introduce delegated payments on the Ethereum network. Users no longer have to pay GAS fees in order to make transactions. Instead, they can pay transaction fees in EURS or any other digital asset supported by the STASIS wallet. There are no hidden payment fees.

The key product of STASIS is its stablecoin EURS. Launched in 2018, the stablecoin is built around cutting-edge API that replaces all the inefficiencies associated with traditional intermediaries. Businesses can integrate the crypto euro into their existing payments and accounting process. A branded euro-backed stablecoin can drastically enhance business performance and boost market leadership in various fields. STASIS also managed to develop its own wallet app that provides supreme user experience to interact with digital assets through a non-custodial application.

The company does not provide innovative techniques for account opening that would differ greatly from the onboarding process with other players. It’s possible to open an account in less than 24 hours, which is a pleasant difference compared to the industry standards. For existing users of the GOZO exchange, it’s possible to log in with their accounts.

STASIS promises dedicated 24/7 customer support. The company has developed three dedicated FAQ channels - one for STASIS, one for EURS and for WALLET. These sections jointly cover the most important questions related to the player's security, technology and other questions of interest. Alternatively, it is possible to use one of their e-mails - in order to address a particular department. It is possible to separately address the support team specialized in technical assistance, investment assistance or general inquiries. Additionally, during business hours it is possible to reach the company's Maltese headquarters on the phone.

STASIS Wallet is available both in Google Play and Apple app store. It’s the first mobile wallet developed specifically for stablecoins. The app allows people to use stablecoins for their everyday payments and thus experience the possibility of a new financial ecosystem. Through the app, it is possible to purchase or sell Digital EURO (EURS) with SEPA transfer with the same low fees as online. You can transact with Digital EURO (EURS) and USDC, USDT, TUSD, PAX, DAI, as well as BTC and ETH. The wallet also includes an in-app exchange feature that allows secure exchange between EURS, DAI, BTC and ETH with minimum spread and no commissions. What is more, the app enables you to receive instant PUSH notifications on balance update and successful transactions, receive payments using a QR code with a preset transaction amount, as well as swap currencies directly from the dashboard, using the drag and drop exchange controls.

STASIS ensures full reserve transparency. Investors’ digital assets are fully backed by the appropriate collateral. The company issues daily account statements, monthly verifications and quarterly audits by BDO Malta as well as on-demand verifications for onboarded entities. Unlike other stablecoin projects, many of which failed due to regulatory issues, EURS has been developed by carefully researching and following the rules since day one. STASIS analyzed more than a dozen jurisdictions before coming up with a concept, partially implemented in Malta. The STASIS team received legal opinions from Malta, the UK and Germany and have notified BaFin, MFSA, FCA, and AMF of their work in the stablecoins space.

The project team was looking for a comprehensive regulatory approach to digital assets, and chose the Maltese legal framework, which was crafted with direct STASIS team assistance. EURS is now fully verified and collateralized.

EURS, the euro-pegged digital asset launched in 2018, ranks among the company's most notable achievements. Thus far, EURS has managed to capture the biggest market share among its peers. Currently, EURS is the largest stablecoin backed by the world’s second most-traded currency, accumulating over 50,000 users in the social media and local communities.