TAL selected logion to bring the most trustable stablecoin to the Polkadot Community and beyond.
Another strategic partnership for logion : Alain Parize from the TAL project, announced at #ParisDotComm the choice of logion to secure a new revolutionary trustable stablecoin for the Polkadot community and beyond.
Say welcome to the sTAL! The stablecoin you can trust because you can verify everything, anytime.
What’s the sTAL?
What we all want from a stablecoin is a token:
- that can store value due to its stable value over time,
- that is regulated to protect users with respect to their privacy and rights,
- that is redeemable to fiat any time,
- and whose issuer can prove its solvency at any time.
Here comes the sTAL.
Designed for unmatched stability, each sTAL will be pegged to the TAL. The TAL is made of a stable basket of six major currencies (USD excluded) and gold, escrowed in real safes in Switzerland. Each time requesters send their fiat money, that amount is converted into the corresponding TAL basket leading to related number of TAL creation.
The value of your cash converted in the sTAL stablecoin is thus meta-stabilized.
The basket is not only meta-stable versus other currencies volatility (hence its “stablefiat” label), but it also beats most of international currencies over 3 to 5 years thanks to the appreciation of gold over medium and long terms.
On the legal side, sTAL holder protection is strengthen by a combination of swiss contractual and regulatory clauses which protect the underlying assets of the sTAL stablecoin:
- Your cash cannot be used by the entity that keeps it safe.
- Even in case of bankruptcy, your money cannot be seized.
- Backed by a combination of traded currencies and quoted gold, the sTAL will be redeemable at any time for TAL or any other convertible fiat currency of your choice, at your request.
Don’t trust, verify!
Many uncertainties exist today around stablecoin issuers’ solvency and the very existence of stablecoins’ underlying assets. The lack of transparency around off-chain reserves expose users to high risks.
With the sTAL, this situation belongs to the past. sTAL is the stablecoin you can trust because you can verify everything at any time.
At all steps before the sTAL creation, under a Legal Officer watch, any transfer flow will be recorded, hashed, stored and verifiable as evidence on the logion blockchain:
- evidence of wire transfer or proof of other selected stablecoin transfer
- evidence of TAL basket transfer after currency change
- evidence of TAL basket allocation after currency change
- evidence of the corresponding amount of TAL, the underlying asset of the sTAL
Each sTAL generation will be authorized after verifying the existence of those records, ensuring the TAL to sTAL parity before minting.
After sTAL creation, regular and frequent audit (min. 1 per quarter) of the TAL reserve will be performed to guarantee there are as many assets in the basket as there are sTAL emitted.
Evidence of these audits will also be recorded, hashed (documents), stored and verifiable on the logion blockchain, keeping a high transparency level at all stages of the sTAL generation process.
Thus, by design, all milestones of the underlying process are independently recorded a priori by logion at the sTAL generation time — acting as a system of evidence record — with a double check executed a posteriori by another independent auditor on regular basis.
sTAL is the alternative for everyone to regain control over their liquidity. With the guarantee that your ownership is protected and provable at all times.
Your money. Your resulting stablecoin. Protected. Auditable. Anytime.
“We are thrilled to have met in logion a partner as dedicated to legal and regulatory solidity as the TAL team ! Combining the best of web3 with the best of legal protection is going to change things for the future.” said Alain Parize.
As a Swiss-based company, the sTALco fiduciary will go through the final regulatory approval process of the Berne-based FINMA. Being minted on the logion infrastructure, the sTAL will then be available for the Polkadot ecosystem and beyond upon the launch of the logion parachain.
The launch of the sTAL is scheduled for January 2023.
Meanwhile, have a look at Alain Parize’s presentation at ParisDotComm to learn more about the project, especially how TAL is building its genuine stability with a smart multi-currencies/gold basket.
Stay tuned, summer is definitely not a quiet period for logion!
About TAL — http://www.wearetal.org/
TAL provides the concrete alternative to cash handling that gives back to everyone the freedom to act responsibly. TAL has been created for you, to protect your cash from risks of loss of ownership, from risk of loss of value. It will help you fight the negative impact of banks on climate change. It will shelter you under the positive contribution of money regulation. And it will bring you the safety and ease-of-use of blockchains and stablecoins/stablefiat.
About logion
logion is building the blockchain infrastructure for safe digital ownership, enabling people to protect the value they create and exchange in the web 3.0 world. logion is the first and only public blockchain where token-related data and files are transformed into certified evidence and tokens are safeguarded by a decentralized network of Legal Officers.
