BTQ Technologies (OTCQX:BTQQF) (NEOE:BTQ:CA) announced on Tuesday a framework designed to protect stablecoin platforms from emerging cybersecurity risks driven by quantum computing.
The quantum technology company unveiled the Quantum Stablecoin Settlement Network, or QSSN.
QSSN provides banks, payment companies, and digital asset platforms with the tools to issue and manage stablecoins in alignment with evolving regulatory and national security standards.
The framework supports stablecoin models including JPMorgan Chase’s proposed USD deposit token (JPMD); fiat-backed stablecoins like Circle (CRCL) and Tether USD (USDT-USD); regulated, bank-issued stablecoins such as the forthcoming Fire Labs Stablecoin; and real-world asset tokens and other next-generation digital payment products.
The news comes after the Senate passed a legislation to create a regulatory framework for stablecoins, in a move that is seen as bolstering the legitimacy of the cryptocurrency industry.
Media reports say retailing titans Amazon (AMZN) and Walmart (WMT) are considering issuing stablecoins to transform their payment systems and reduce their reliance on banks and card payment systems.
Visa (V) is “just getting started” in its efforts to scale stablecoins as a new payment technology, while Mastercard (MA) is deepening its partnership with Fiserv (FI) to integrate its new FIUSD token across a range of products and services.