BitGo to handle issuance; Concrete to provide on-chain vault infrastructure

Fypher eyes institutional finance markets in Korea and across Asia

[Provided by New Frontier Labs]
[Provided by New Frontier Labs]

New Frontier Labs, the operator of Fypher, announced Thursday that it has issued $10 million worth of the dollar-pegged stablecoin FYUSD in collaboration with global decentralized finance (DeFi) protocol ether.fi and on-chain financial infrastructure firm Concrete.

Under the partnership, ether.fi will serve as an official ecosystem partner of Fypher. According to DeFiLlama, ether.fi's total value locked stood at approximately $4.46 billion as of Tuesday.

Fypher will handle the operation and retail distribution of FYUSD, while Concrete will provide on-chain vault infrastructure supporting asset allocation, trade execution and accounting. BitGo Bank & Trust, a federally chartered trust bank in the United States, will manage FYUSD issuance and reserve holdings.

FYUSD liquidity will be deployed within the ether.fi ecosystem through vaults managed by Concrete. A vault is an on-chain asset management system that manages user-deposited assets according to a set investment strategy.

"FYUSD's competitive edge lies in connecting a trustworthy issuance framework with real financial demand," said Paul Kim, chairman of Fypher. "We will expand use cases by building on BitGo's issuance infrastructure, Concrete's on-chain financial infrastructure and our collaboration with ether.fi."

Fypher plans to expand into institutional finance markets in Korea and across Asia. The company is reviewing business models targeting banks, securities firms and asset managers — covering dollar payment and settlement, digital asset-backed financing and tokenized financial product integration — and will seek pilot opportunities with local financial institutions.

Meanwhile, Fypher signed an MOU with the Korea Medical Tourism Promotion Association in September to improve financial convenience for foreign medical tourists and support expansion of the Asian medical tourism ecosystem.


kyoung@heraldcorp.com