TokenSoft, one of the leading security token platforms, recently received the green light to add stablecoins for its offerings. Stablecoins approved by the New York Departments of Financial Services (NYDFS), like the Gemini Dollar (GUSD) and USD Coin (USDC), will be added.
TokenSoft has made security token fundraising much easier with its recent addition of stablecoins on its platform. Regulator-approved stablecoins will be added. The fiat-pegged cryptocurrencies will thus be used to pay for sales of security knows both on the TokenSoft platform and via the Knox Wallet.
Thus far, there are three stablecoins which will be added: Gemini Dollar (GUSD), USD Coin (USDC), and Paxos Standard (PAX). The reason TokenSoft chose these is because, not only do they have NYDFS approval, but they also are backed by trusted names. GUSD is backed by Gemini; USDC is backed by Coinbase; and PAX by Paxos. The market maturity of these stablecoins was also a reason for listing them.
With the addition of these stablecoins, TokenSoft hopes to make its security token platform more accessible. Operating within a high level of compliance, all stablecoin transactions are subject to ‘Know Your Transaction’ (KYT) checks and AML monitoring.
Last month, TokenSoft announced support for security tokens issued on Tezos. Having a majority stake in a SEC-registered broker-dealer, the platform is also fully compliant.
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Image courtesy of TokenSoft.