This is what Jarvis Network has been working on with the launch of their first protocol, Synthereum, which allows for the issuance and exchange of synthetic stablecoins called jFIATs through an innovative on-chain Forex design. Synthereum uses the industry-leading Chainlink Price Feeds on both Ethereum and Polygon for real-time exchange rates on fiat, which users reference to buy, sell, or exchange jFIAT stablecoins without unnecessary slippage. jFIATS can help solve the liquidity problem for non-USD stablecoins, fostering worldwide inclusion of other global currencies and further increasing DeFi adoption.
Bringing DeFi to everyone!
Synthereum’s role is to speed up mass user-adoption and they are committed to facilitating a user’s journey in the blockchain industry. However, wallets with fiat gateways supporting jFIATs can ease user onboarding and help bring DeFi to millions more users. Take for example the Bridge wallet from Mt Pelerin, which could provide their users with a 1:1 fiat on/off-ramp for jFIATs on both Ethereum and Polygon. To foster more wallet integrations, the protocol’s fees could be distributed through a revenue-sharing program.
Complemented by crypto-card, wallets, and Synthereum, Jarvis Network can enable a Revolut-like experience within DeFi — users could deposit their fiat to blockchains through a fiat on-ramp, exchange them for other stablecoins, send, receive, or spend them, access liquidity and yield opportunities, as well as explore DeFi services such as lending or leverage trading as soon as jFIATs are more integrated within other protocols.