Taurus launches the first private stablecoin contract

Digital asset firm Taurus SA has officially deployed its first private stablecoin contract. The contract is build on the Aztec network, combining zero-knowledge proofs and compliance.

According to a press release sent to crypto.news, what sets the token apart from the mainstream legacy stablecoins is its private contract which encrypts all balances and transfers. Apart from the user, the smart contract only allows authorized parties like issuers and regulators.

The feature prevents third parties from monitoring crypto wallets, reverse-engineering investment strategies, or physically targeting users for their high-valued holdings. Private stablecoin contracts enable financial institutions to issue stablecoins for payment and treasury applications while also ensuring security and compliance.

Chief Security Officer at Taurus, JP Aumasson said that the launch of private contracts mark a major step in advancing security and anonymity for stablecoins. The token feature is able to address long-held concerns from banks and regulators looking to issue stablecoins.

“We showed that it’s possible to protect the privacy and security of stablecoin users while retaining the features of industry-standard stablecoins,” said Aumasson.

Apart from transaction encryption and compliance features, the smart contract also covers the same functionalities offered by major USD-pegged stablecoins like Circle’s USDC (USDC). These include features like admin-controlled mint and burn as well as a pause button that allows the user to halt transfers in case of emergencies.

Not only that, the token also allows users to blacklist addresses and events logging to create a verifiable audit trait.

The launch of Taurus’ private stablecoin contract comes ahead to the United States Senate passing the Genius Act as a way to establish a legal framework for stablecoins. Since then, the stablecoin supply has surged over $250 billion, marking a 1,200% growth since 2020 numbers.

Established in April 2018, Taurus SA is a digital asset firm based in Switzerland that provides enterprise-grade digital asset infrastructure to issue, custody, and trade any digital assets: cryptocurrencies, tokenized assets, NFTs, and digital currencies.