1 min. read
How CloudTech Group deployed a Stablecoin Project in just Four Days with Fireblocks
Benefits at a glance
Speed to market
Enterprise grade security
Customizable governance rules
CloudTech Group (CTG), a Melbourne-based financial services and technology company, has selected Fireblocks as technology provider for its new stablecoin product, Ubiquity. Under the guidance of Drew Bradford, Robert Waugh, and Andrew Sallabanks — who were previously part of the team that built National Australia Bank (NAB)’s stablecoin AUDN which Fireblocks helped deploy — CTG recognized the need for a secure and reliable platform to bring their stablecoin vision to life. By working with Fireblocks, CTG was able to leverage our cost-effective and advanced tokenization technology to meet an ambitious timeline, without compromising on security or compliance.
The Challenge
In the digital asset ecosystem, launching a stablecoin involves numerous complexities, from ensuring regulatory compliance to implementing ironclad security measures. While traditional methods could take weeks, months, or even years, CloudTech needed an end-to-end tokenization platform that enabled rapid deployment to meet market demand, including from institutions looking for cheaper ways to pay and investors looking to buy tokenized real-world assets (RWAs) via stablecoins.
The Solution: Fireblocks Tokenization Engine
The Fireblocks Tokenization Engine provided the perfect solution, enabling CloudTech to streamline the creation, management, and deployment of Ubiquity using pre-built, audited smart contracts. CloudTech could also customize authorization workflows from issuance, lifecycle management, and distribution based on their governance and compliance rules. With multi-layer security protocols in place, the platform ensures that assets are protected against potential threats.
Compliance with stringent regulatory standards — which included audit reports for all of Fireblocks’ smart contracts and source code — was another critical factor, giving both issuers and users peace of mind. Moreover, the Fireblocks Tokenization Engine’s efficiency significantly reduced the time required to bring digital assets to market, enabling CloudTech to operate at speed and scale to help them achieve their goals.
Working with an industry titan like Fireblocks, who were able to help us deploy our stablecoin within just four days, is a testament to their ability to operate at speed and scale in order for us to achieve ubiquity in our market. No other firm possesses the extensive reach and resources needed to propel us toward our goal as effectively. By leveraging Fireblocks, we are confident in our ability to expand our presence and solidify our place in the industry.
The Outcome
The success of CloudTech’s stablecoin project sets a new benchmark in the industry, demonstrating that with the right infrastructure and support, rapid deployment is not only possible but can be executed flawlessly.
“Together, we aim to harness the power of digital assets while ensuring the highest level of security for CTG and Ubiquity’s blockchain-backed tokens. CTG aims to be at the forefront of the regulated and mature deployment of cryptocurrencies, and we look forward to watching Ubiquity’s growth in the coming months.” — Stephen Richardson, Head of APAC and Managing Director, Financial Markets.
Ubiquity plans to launch its stablecoin this year which will be fully backed, one-for-one, by the Australian dollar. It will become the latest addition to CTG’s growing portfolio of products that align with the company’s philosophy of enacting meaningful change through the considered use of technology.
Ubiquity will fulfill treasury functions for a number of listed and unlisted Australian financial services companies, including ASX-listed DigitalX, which is also a Fireblocks customer. Other subsidiaries within the group are ANNG Gallery, which works to empower artists and creatives to regain control of the rights of their art in the digital realm, and Fabel, the online community bookstore.
