Fuse Network, a Blockchain Infrastructure Provider for Mobile Payments, Partners ICHI to Give Users Control Over their Funds

Fuse Network, a blockchain or DLT infrastructure supporting mobile payments, reveals that it has teamed up with ICHI in order to empower any community to “fully control its own money.”

As mentioned in an update shared with CI:

“Fuse Network has grown quickly by lowering the financial, developmental and regulatory barriers typically required to conduct mobile commerce. Fuse is now used by more than 1,200 businesses and communities around the world to easily create customized wallets, payments services, loyalty programs and any other decentralized financial systems.”

The release also mentioned that the new partnership with ICHI aims to further build on that vision by enabling any community on the Fuse Network to develop its own stablecoin – which would be “worth exactly $1” and will be “uniquely backed by both USDC and that community’s native token.”

Fuse Network stablecoins developed via ICHI — known as oneTokens — will allow different communities and businesses to provide better discounts, rewards and incentives to their clients, the announcement noted. It also mentioned that this is possible “through the establishment of a community governed treasury that can be invested to earn yield and ensure each stablecoin is over-collateralized.”

Mark Smargon, CEO, Fuse, stated:

“The implementation of ICHI’s protocol will allow Fuse Network to accelerate our mission of putting truly democratized and borderless money into the hands of millions. ICHI’s easy-to-use, decentralized stablecoin factory perfectly complements our existing sandbox of tools to provide any business or community with the tools needed to utilize their own mobile money.”

Bryan Gross, former Principal Product Manager of IBM Blockchain who now serves as an ICHI Steward, remarked:

“Our partnership with Fuse Network will further our shared mission of giving anyone complete freedom over how they spend, invest, save and and otherwise use their money. This partnership will provide the building blocks any community needs to operate their own truly decentralized, sustainable and scalable economies.”

ICHI’s Decentralized Monetary Authority (DMA) protocol will reportedly be used to mint oneFUSE, a new stablecoin for the Fuse Network that will “eventually replace fUSD.” The release also mentioned that while fUSD, Fuse’s existing stablecoin, is backed by USDC, “requiring FUSE tokens to be sold, oneFUSE will require a blend of both USDC and the FUSE token, keeping more value locked in the Fuse Network.”

ICHI’s protocol, which has been “fully audited” by Quantstamp, aims to ensure that any stablecoin minted via its system are sufficiently “secure, verifiable and standardized.” The release also noted that Fuses Network’s partnership with ICHI has been announced after the introduction of  ICHI stablecoins for the Filecoin and 1inch Network communities.

Over $3.5 million oneFIL and one1INCH stablecoins have “already been minted in just the last two weeks,” the announcement revealed. The release also noted that as part of the launch, Fuse Network is “contributing $100,000 in FUSE for collateral to support the oneFUSE tokens.”

To learn more about these updates and read ICHI’s whitepaper, check here.

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