On March 8th, 2024, Grand Cayman, Cayman Islands – Pravica, a blockchain startup based in Cairo, and Sui announced the launch of S3.MONEY (S3), a stablecoin studio built on the Sui blockchain. S3, which stands for “Stablecoin Studio on Sui,” aims to simplify the process of creating and using stablecoins on the Sui blockchain.
With S3, builders on the Sui blockchain can effortlessly launch native stablecoins without the complexities of smart contract development and currency management. The platform also offers a streamlined process for stablecoin management, including built-in proof-of-reserve functionality and integration with on-chain oracles. Additionally, S3 prioritizes compliance with integrated KYC/AML features.
According to Mohamed Abdou, Founder & CEO of Pravica, S3 is well-positioned to revolutionize the global payment processing industry. He believes that Sui provides the most capable platform for building decentralized utilities, making S3 a global solution for creating customized payment solutions.
In addition to stablecoin creation, S3 also offers a cutting-edge payments app called Walletify. This closed-loop payment solution allows users to seamlessly transact using the stablecoins created through S3. The app’s design, based on Sui’s unique Move-based pattern, ensures a secure and efficient payment experience for both merchants and users.
Greg Siourounis, Managing Director of the Sui Foundation, expressed his satisfaction with Pravica’s work and their decision to build S3 on the Sui blockchain. He believes that S3 will remove a significant hurdle for stablecoin issuers and transform the payment processing industry.
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