Quantstamp Labs
August 27, 2020

2020 has been a milestone year for stablecoins, which experienced record-setting transaction volumes of more than $90 billion in Q1 alone. Their role in decentralized finance—a sector that has also experienced massive growth— is also broadening.

Transactions within a decentralized system can often be processed faster and more securely. However, volatility, uncertainty and global regulations have kept digital assets from being widely adopted. Stablecoins combine the transparency, security, and privacy of a digital asset with the stability of traditional currency. However, as stablecoins make up an increasingly higher proportion of our global currency, security is crucial. Being pegged to real-world assets means that stablecoins represent real and significant value.

Whether government-sponsored, exchange-driven and crypto-native stablecoins, Quantstamp is proud to help support the mainstream adoption of blockchain technology through numerous stablecoin audits. Here are some of the stablecoins we’ve secured that are changing the future of our financial system:



What: A regulated Singapore dollar, fully collateralized by SGD | Issuer: xFers

Xfers is a Southeast Asia’s leading Fintech platform for digital businesses, under the project name of StraitsX. Singapore is often considered one of the most progressive jurisdictions around the world when it comes to financial regulations. 

xSGD provides an opportunity for local consumers who want to explore the benefits of digital assets while maintaining regulatory assurances.

Naira Token (NGNT)

What: An ERC 20 token that’s fiat-backed with Naira  | Issuer: BuyCoins

NGNT is an ERC 20 token that’s fiat-backed with real Naira—the official currency of Nigeria—held in licensed banks. The token bridges the Naira with the advantages of digital currency, giving cryptocurrency traders, business owners, and software developers the ability to transact with the Naira across the blockchain. 

With Nigeria being the largest market in Africa, the Naira Token offers a huge advantage for users that want to perform fast, publicly-verifiable, borderless transactions.


What: A regulated stablecoin collateralized by the Indonesian Rupiah | Issuer: Tokocrypto

BIDR is pegged to Indonesia’s fiat currency and runs on the Binance Chain. Stablecoins can be a key part of fiat money spreading around the crypto ecosystem. The Indonesian public has a very high interest in blockchain technology and cryptocurrencies, so BIDR will help people wanting to buy and trade cryptocurrencies with the Indonesian Rupiah. 

In June 2020, Binance launched the stablecoin on its own blockchain in collaboration with Tokocrypto, an Indonesian crypto exchange.


Binance GDP Stablecoin

What: A GBP-pegged stablecoin | Issuer: Binance

Quantstamp was honored to be chosen to audit BGBP,  the very first stablecoin on Binance. While there were other stablecoins on the market at that time including Coinbase’s USDC, Facebook’s Libra, MakerDAO’s Dai, and Bitfinex’s Tether, BGBP is the first major stablecoins to be pegged to the British pound. 

At the time of its launch, Binance’s Chief Financial Officer announced that this would be the first of many stablecoins on the Binance Chain. 

eToro eToken

What: A USD-denominated stablecoin built on the Libra Network | Issuer: eToro

By using blockchain technology to eliminate the need for certain intermediaries, Facebook’s Libra blockchain aimed to reduce the cost of financial services and enhance economic activity in underserved areas. 

Tokens play an important role in smart contract platforms like Libra. eToro’s eToken was not only one of the first tokens developed for the Libra blockchain, but it was also the first Libra token standard to receive adoption by developers. 


Maker Foundation (Dai)

What: Decentralized cryptocurrency stabilized against the US dollar | Issuer: MakerDAO

MakerDAO is an open-source project on the Ethereum blockchain and a Decentralized Autonomous Organization. The Maker Protocol, also known as the Multi-Collateral Dai (MCD) system, lets users generate Dai by leveraging assets approved by “Maker Governance.” Dai is a decentralized, unbiased, collateral-backed cryptocurrency soft-pegged to the US Dollar.

In March 2020, when Dai fell off its peg of roughly $1 USD, the DeFi community rallied together to form the Dai Backstop Syndicate, collectively functioning as a "buyer of last resort.”

Quantstamp stepped in to quickly secure the syndicate software protecting the community assets, and is also providing a smart contract coverage warranty via Chainproof to cover the value of the Backstop Contract.

Curvy DeFiDollar

What: An upcoming  index of stable coins that uses Defi primitives to stay near the dollar mark | @defidollar

DUSD is a stablecoin that is collateralized by Curve Finance liquidity provider (LP) tokens. It uses chainlink oracles for its stability mechanism. It uses Curve to handle the logic around integrating with lending protocols and token swaps; which are essential ingredients for the stability of DUSD. It provides yields to those who hold DUSD, and it also has a staking mechanism for additional peg safety.


What: USD stablecoin and multi-chain staking token | Issuer: xDai Stake

xDai is a crypto asset pegged to Dai that operates on a sidechain with near instantaneous transaction times and low transaction fees. The chain’s native xDai tokens are created by locking Dais in an Ethereum smart contract and can be redeemed for Dai once again at a later date. 

Use cases include peer-to-peer payments, community currencies, rewards for event participants, and more. In 2019, attendees of ETHDenver were able to make purchases with the stablecoin. In another case, the xDai chain has been used to manage currency trading among communities in Kenya.


What: Redeemable Dai token enabling the transfer of accruing interest | Issuer: Decentral

rDai (redeemable Dai) allows you to invest your money in an interest-generating pool, used for collateralized loans. rDai tokens allow you to direct the flow of interest earned from your Dai to other parties while maintaining full control of the principal Dai that you staked.

You can also decide who benefits from the generated interest: you can keep it yourself, donate it to a community fund or charity, or direct it to a dApp you are using.


What: Fully algorithmic, synthetic commodity money | Issuer: Ampleforth

Ampleforth is not a stablecoin, rather, an adaptive money that aims to fulfill many of the goals that stablecoins fulfill today. It does so with a twist: supply changes daily. The AMPL protocol automatically adjusts supply in response to demand. How does this work? The Ampleforth protocol receives exchange-rate information from trusted oracles, and propagates that to holders of its units (Amples) by proportionally increasing or decreasing the number of tokens each individual holds. By doing so, each person’s percent ownership of the network remains fixed.

“Being audited by Quanstamp was important to us,” said Ampleforth CTO Brandon Iles. “They hold their clients and themselves to the highest security standards. We know that identifying any risks and vulnerabilities is critical to mitigating the risk of any future hacks.”

Good Dollar

What: USD Stablecoin distributing UBI programmatically | Issuer: eToro

GoodDollar is a non-profit, social innovation initiative attempting to create a framework for generating and distributing universal basic income. eToro is GoodDollar’s corporate sponsor and provided the initial funds. 

The live beta-launch is planned for the fall of 2020, which will include the GoodDollar protocol and currency. 

More Stablecoins


What: A regulated stablecoin collateralized by USD | Issuer: TrustToken

TrueUSD was the first regulated stablecoin fully backed by the US Dollar. It’s also the first asset token built on the TrustToken platform, a place to create asset-backed tokens that can be bought and sold around the world. 

Their mission is to expand access to financial opportunities and global trade, and its US dollar holdings are distributed in various bank accounts belonging to different trust companies. 


What: USD collateralized and FDIC-insured stablecoin | Issuer: Stably

StablyUSD is a reserve-backed stablecoin designed to work across multiple blockchain protocols. Stably, the issuer of StablyUSD tokens, has a centralized model where every token issued is backed with an equivalent unit of fiat currency in a reserve managed by Stably.

In the future, Stably plans to release more stablecoins backed by other national currencies along with commodities and precious metals, such as gold and silver. They also intend to expand to other blockchains with better speed, scalability, and security.

What’s Next

While there are issues to address in regards to scalability, security and legislation, stablecoins have a huge opportunity for growth. They have the potential to unlock cheaper, faster, and more efficient transactions across the world, and better serve the 1.7 billion people globally that remain underbanked.

As digital currencies begin to make up more of our global currency, effectively securing these stablecoins will be a key part of building the trust that traditional fiat has today. 

Quantstamp 实验室



无论是政府赞助的、交易所驱动的还是加密原生稳定币,Quantstamp ,我们很自豪地通过众多稳定币的审核,帮助支持区块链技术的主流应用。以下是我们已经获得的一些稳定币,它们正在改变我们金融系统的未来。



特点:受监管的新加坡元,完全由新币抵押|发行人。 xFers




特点:一种ERC 20代币,以奈拉为货币支持|发行人。 BuyCoins

NGNT是一种ERC 20代币,它以真实的奈拉--尼日利亚的官方货币--为法定银行持有的货币支持。该代币将奈拉与数字货币的优势连接起来,让加密货币交易商、企业主和软件开发者能够在区块链上用奈拉进行交易。 



什么:一个受监管的稳定币,由印尼盾|发行人进行抵押。 Tokocrypto




Binance GDP 稳定币

什么:一个英镑挂钩的稳定币|发行人。 Binance

Quantstamp 很荣幸被选中审核BGBP,这是Binance上第一个稳定币。虽然当时市场上还有其他稳定币,包括Coinbase的USDC、Facebook的Libra、MakerDAO的Dai和Bitfinex的Tether,但BGBP是第一个与英镑挂钩的主要稳定币。


eToro eToken

特点:基于天秤座网络建立的美元计价稳定币|发行人。 eToro





特点:去中心化的加密货币对美元汇率稳定|发行人。 MakerDAO



Quantstamp 介入,快速保障保护社区资产的集团软件,并通过链防提供智能合约保障担保,以覆盖后援合约的价值。

Curvy DeFiDollar

特点:即将推出的稳定币指数,使用Defi基元保持在美元大关附近|。 @defidollar

DUSD是一个稳定币,它由Curve Finance流动性提供者(LP)代币进行抵押。它的稳定性机制使用链路奥术。它使用Curve来处理与借贷协议和代币交换整合的逻辑;这些都是DUSD稳定性的重要成分。它为那些持有DUSD的人提供收益率,它还有一个额外挂钩安全的盯盘机制。


特点:美元稳定币和多链盯梢代币|发行人。 xDai Stake


用例包括点对点支付、社区货币、活动参与者的奖励等。在2019年,ETHDenver的与会者能够用稳定币进行购买 。在另一个案例中,xDai链已被用于管理肯尼亚社区之间的货币交易


特点:可兑换的Dai代币,可以转让应计利息|发行人。 中心化




内容:完全算法化的合成商品货币|发行人。 Ampleforth


"接受Quanstamp的审计对我们来说很重要,"Ampleforth CTO Brandon Iles说。"他们以最高的安全标准要求客户和自己。我们知道,识别任何风险和漏洞对于降低未来任何黑客的风险至关重要。"


什么:美元稳定币以程序化方式分发UBI|发行人。 eToro





特点:以美元为抵押的受监管稳定币|发行人。 TrustToken




什么:美元抵押和FDIC保险的稳定币|发行人。 Stably






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Quantstamp Community Update - October 2020

‍Audit of Ethereum 2.0 client Teku, blockchain insurance, Open DeFi, virtual events, and more media coverage... here’s what happened at Quantstamp in October.‍

November 5, 2020

Why Bitcoin is Capturing Enterprise Attention

MicroStrategy made headlines this summer as the first publicly-traded company to buy Bitcoin as part of its capital allocation strategy. Since then, other companies have followed suit. Learn how current economic conditions and the unique properties of Bitcoin have driven these decisions.

October 28, 2020

Formally Verifying Hedera Hashgraph's Stablecoin Framework

Quantstamp created and formally verified a specification for Hedera Hashgraph stablecoins. This simplifies the process of creating safe stablecoins and also makes easier for partners to safely integrate them.

October 27, 2020

Quantstamp Completes Audit of 2nd ETH 2.0 Implementation

Quantstamp has now completed its audit of Teku, the Ethereum 2.0 client developed by ConsenSys. Quantstamp also audited Prysm by Prysmatic Labs.