99% of the supply of stablecoins today is in USD, while 96% of the world lives outside of the US. Locally-denominated stablecoins will become increasingly important to support the next wave of protocols focused on bringing DeFi to the real world, especially in a region like Asia where there is a huge gap in access to financial services.
Bluejay Finance plans to meet this gap by building an Asia-focused protocol for multi-currency stablecoins, starting out with the Singapore dollar. Bluejay utilizes protocol-owned liquidity to be an issuer and market maker behind the stablecoins, and works with an ecosystem of partners like real world asset lending and payments protocols to drive adoption.
Bluejay launched its beta in April 2022 with over 25K participants making 300K+ transactions, and will launch on Ethereum in Q4 2022.