Alchemy Pay, the popular blockchain developer entity, has announced notable engineering advancements to the core infrastructure. As per Alchemy, with the latest infrastructure upgrade, which is developed on the exclusive Cortex Engine, it intends to decrease latency to support the wider stablecoin growth and mainstream financial app integration.
Alchemy Pay considers this move a game-changer for the decentralized infrastructure to outcompete the conventional financial systems. With this, the consumers can have an unprecedented and seamless experience focused on scalability and reliability.
Alchemy Merges Banking with On-Chain via Stablecoin Upgrade
Alchemy’s announcement concerning the unique infrastructure upgrade labels it as a milestone. Before this development, J.P. Morgan unveiled its earliest public blockchain-based proof of concept for USD deposit digital token. The enterprise-level infrastructure and smart wallets of Alchemy reportedly powered the respective development. This commences a new era in the merger of conventional banking and on-chain finance.
Alchemy’s CTO, Poncin, mentioned that the platform’s architecture minimizes average response periods from 300-400 milliseconds to less than even 50 milliseconds to offer rapid settlements. These enhancements take place at a time when stablecoins have become a crucial part of the top fintech platforms like Ethereum. It reportedly accounts for a staggering 51% of the cumulative $240B stablecoin market. The rest of the key platforms, like Robinhood, Stripe, and PayPal, are utilizing stablecoins for cross-border payments, prediction markets, and more.
Stablecoin Sector Achieves Worldwide Recognition as Giant Players Take Lead
Apart from that, the Societe Generale of France has recently revealed its strategy to start a dollar-backed, openly tradable stablecoin. In this respect, it will become the earliest major bank entering the growing market. In the meantime, the key U.S. banks such as Wells Fargo, Citigroup, and JPMorgan are also delving into a mutual stablecoin project to take leading position to revolutionize digital assets sector.
According to Alchemy, the latest upgrade to the infrastructure for stablecoin advancement is a highly anticipated move. Even before this, it already backs noteworthy stablecoins issuers as well as financial innovators such as World Chain, Anchorage, Paxos, Stripe, and Coinbase. Overall, the infrastructure upgrade deals with the establishment of scalable and reliable blockchain applications to expand mainstream adoption of stablecoins.
