Institutional crypto provider B2C2 has announced the launch of a new platform, PENNY, to simplify cross-chain stablecoin transfers. The firm, owned by Japanese SBI, says the new platform will also reduce operational risks. B2C2 stated that the goal of the new platform is to enable continuous liquidity across major digital assets.
The firm says the increasing number of blockchains and stablecoins has made liquidity management difficult for exchanges, banks, and other payment firms. B2C2 stated that the new platform will enable institutions to swap stablecoins instantly and fee-free. The service supports six major stablecoins—AUSD, USDT, USDG, USDC, PYUSD, and RLUSD—across Solana, Tron, Ethereum, and Layer-2 networks.
B2C2 Wants To Offer Support For More Stablecoins
The PENNY platform will enable users to execute trades and settle them simultaneously, reducing operational and counterparty risks. The platform will run 24 hours a day, 7 days a week, and the firm plans to offer support for additional stablecoins based on market demand.
Group Chief Executive Officer of B2C2, Thomas Restout, commented on the development. “PENNY is a strategic step forward for B2C2,” he said, adding that stablecoins have outgrown the crypto trading use case.
Corporate organizations and traditional institutions are increasingly adopting stablecoin payment options on their platforms. The launch of PENNY will provide them with the infrastructure needed for real-time execution and settlement. Additionally, they will have no need to worry about the high cost of trading on exchanges or the network.
Banks And Fintechs Take Advantage Of Regulatory Clarity In The EU, US, and Asia
The regulatory clarity on stablecoins across several jurisdictions has encouraged banks and fintech firms to explore stablecoin payment options. Companies are becoming less skeptical and more confident about introducing stablecoins as a payment option.
It has been predicted that the market could hit $300 billion before the end of the year and $4 trillion by 2030.
B2C2 was launched in 2015. The platform now processes $1 billion in stablecoins daily and has facilitated $2 trillion in digital asset trading. The platform’s global network spans several regulated entities across Europe, the Americas, and the APAC region. The firm’s major shareholder is Japanese financial group SBI, which offers institutional-grade pricing and 24/7 execution and support.
PENNY was launched to offer support for the growing demand for cross-chain liquidity and low-risk stablecoins. Its parent company, SBI, has been expanding its operations across multiple jurisdictions. The company recently launched cryptocurrency contracts for differences (CFDs), taking a major step into crypto offerings on the platform.
The broker traditionally offers mainstream assets. But it has now extended its offerings to include CFDs on major digital currencies such as Bitcoin, XRP, Dogecoin, Solana, and Ethereum. It has also enabled trading of these currencies over the weekend.
Frequently Asked Questions
Why did B2C2 launch the PENNY platform?
The platform was launched to simplify cross-chain stablecoin transfers for institutions.
What stablecoins does PENNY support?
The new service supports six major stablecoins, including USDT, AUSD, USDG, USDC, RLUSD, and PYUSD.
How does PENNY benefit institutional clients?
PENNY offers simultaneous settlement, instant execution, and institutional-grade zero-fee stablecoins, reducing counterparty and operational risks.