The world's first stablecoin payment public chain: How BenFen reshapes the future of cross-border payments

Since its inception, Bitcoin has been positioned as a peer-to-peer payment system. However, its biggest problem is that its price is too volatile, making it unable to play the role of a payment currency in specific application scenarios. The emergence of stablecoins can just make up for Bitcoin. shortcomings.

Stablecoin application scenarios explode

In October 2024, Stripe acquired the stablecoin platform Bridge for US$1.1 billion, setting a record as the largest acquisition in the crypto field and heralding the imaginative space created by the combination of stablecoins and payments. In addition, the European Union, Hong Kong, the United States, the United Kingdom, Singapore and other countries have also introduced policies related to stable currencies, providing policy guarantees for the development of the market. As of December 16, 2024, the total amount of stablecoin issuance has exceeded 200 billion U.S. dollars , and according to VanEck’s prediction for 2025, the daily settlement volume of global stablecoins is expected to reach a staggering 300 billion U.S. dollars. PayFi and other stablecoin-based companies The potential of application scenarios is increasing day by day.

The expected size of the stablecoin payment market in the future

According to World Bank data, only 76.2% of the world’s population over the age of 15 have bank accounts or mobile accounts. This also means that there are still 23.8% of the world’s population (15 years and older), and about 2 billion people do not have bank accounts. . This group of people can enter Web3 through applications such as PayFi and become users of CEX, DeFi and other applications, which greatly promotes the process of Mass Adoption.

Proportion of global population with bank accounts in 2021

Source:World Bank database

In addition, in terms of cross-border payments, stablecoin cross-border payments also have great potential. According to statistics from the Bank for International Settlements (BIS), global cross-border payments will exceed US$29 trillion in 2022. Traditional infrastructure is expensive and slow, while cross-border payments based on blockchain stablecoins are fast, low-cost, and can provide 24/7 services.

We believe that stablecoin payment will gradually occupy a larger share of cross-border payments. If it takes 50% of the share, it will expand the volume of the entire stablecoin payment by 1.88 times; and if it takes 80% of the share, it will expand by 3 Double the payment volume.

There is also great potential in the non-USD stablecoin market

Recently, a report from Standard Chartered Bank also pointed out that non-US dollar stable currencies are also gradually gaining attention, including in some economies with relatively large foreign exchange fluctuations, such as Turkey. The development of stable currencies can reduce exchange rate fluctuations. At the same time, it can also reduce dependence on the US dollar. In addition to issuing USD stablecoins, the BenFen ecosystem also issues stablecoins based on other currencies to occupy this market, such as BJPY, BINR, etc.

**The first decentralized native stablecoin that can directly pay gas

fees**

This sub-chain uses a new decentralized global mortgage method to mint multi-currency stablecoins such as the US dollar stablecoin BUSD, and gives stablecoin holders the status of "first citizen", that is, the native stablecoin BUSD supports gas fees. For payment, there is no need to hold the native token of the chain to transfer or trade like other public chains. For the first time, it is truly implemented in web3 and satisfies the traditional payment and transfer habits of most web2 users, making it smoother and more convenient. Compared with the centralized issuance model of stablecoins such as USDT that is widely used in the current market, BUSD is issued in a decentralized manner, which is different from USDT, DAI, and USDe. In addition to BUSD, Benfen will also issue stablecoins linked to other major currencies based on oracles, such as BJPY, BINR and other multi-national currency stablecoins linked to the Japanese yen.

Issuance mechanism: 50% treasury assets mortgage

When the public chain is initialized, 50% of the BFC will be permanently used as treasury collateral for issued stablecoins, which can greatly improve the security and stability of the system, something that other public chains do not have. For example, this is like Ethereum permanently placing ETH tokens into the treasury to issue stablecoins. When the user's wallet is accessed, they can choose to pay BFC to mint the stable currency BUSD. When exiting, the stable currency can be destroyed and BFC redeemed. Users outside the chain can also exchange their USDT/USDC for BUSD at a fixed ratio of 1:1, and when stepping out, they can also exchange their USDT/USDC for USDT/USDC at a fixed ratio of 1:1.

Stability: multiple efficient BUSD price stabilization mechanisms

This department has designed a variety of price stabilization mechanisms, such as the elastic money supply mechanism, which dynamically adjusts the money supply to maintain price stability based on fluctuations in market demand. This stablecoin protocol is automatically executed through specific algorithms and trigger conditions to dynamically increase or decrease the amount of BUSD in circulation. Another example is the exchange rate return mechanism, which relies on the price difference between the stable currency treasury and the same asset in the secondary market. When there is a significant price difference between the two, traders can buy assets at a low price and sell them at a high price to realize arbitrage profits. This not only provides traders with profit opportunities, but also helps maintain market price stability, ensuring that the value of the stablecoin is close to its pegged value.

**The first public chain specifically designed for stablecoin payment

scenarios**

In terms of technical performance, compared with other commonly used stablecoin transfer public chains, this sub-chain also has outstanding advantages in all aspects. It is truly the first one specifically designed for stablecoin payment scenarios. Public chain: In addition to fully built-in decentralized stablecoins, it also has better security, higher performance, low gas fees , and a robust consensus mechanism.

Safer: Adopt a safer programming language (Move language)

This branch is written in the Move language . Move has a strict type system that can catch many common errors at compile time, such as type mismatches and null pointer references, thereby improving code security. In addition, Move manages assets through the concept of resources. These resources have strict life cycle management to ensure that resources can only be used and delivered in the expected manner, avoiding many security vulnerabilities such as re-entrancy attacks and resource leaks. In addition to the above advantages, Move has its own unique advantages in permission control, immutability, formal verification, etc., thus greatly improving its security.

**Higher performance: Using an enhanced consensus mechanism to achieve

sub-second latency and throughput of tens of thousands of transactions per second**

This sub-chain innovatively adopts an enhanced consensus mechanism , combining DAG-based consensus and consensus-free methods to achieve low latency and high TPS, while maintaining support for complex contracts, generating checkpoints, and cross-epoch reconfiguration verification. The ability to gather.

In terms of latency, the BenFen chain can achieve a latency of 0.5 seconds, which is much faster than Ethereum’s 12 seconds, and also faster than Tron and Solana.

Comparison of latency of each chain

In terms of TPS, BenFen chain can achieve tens of thousands of transaction processing volumes, which is also higher than Ethereum, Tron and Solana.

Comparison of TPS of each chain

**More convenient login: This branch provides users with a more

convenient and secure login experience through zkLogin**

Benfen innovatively introduces the design of zkLogin to provide users with a method of address generation and transaction signature based on third-party authorization. Users can quickly log in through Apple accounts and Google accounts , without the need for mnemonic words, which is more convenient and faster.

zkLogin login interface of BenFen chain

Lower Gas Fees: Reduce Gas Fees in Multiple Links

This sub-chain has been optimized in multiple aspects of Gas fees to achieve low Gas fees. For example, each validator node submits the lowest bid they are willing to process transactions in every epoch. This sub-chain will automatically sort according to the quotations submitted by each verification node, and select the price at the 2/3 position calculated according to the pledge ratio as the reference price.

In addition, when the Gas price submitted by the user is higher than the reference price, the difference is regarded as a tip paid to the network, and paying the tip can allow the user to obtain a higher priority. Different transactions require different amounts of computing time to process and execute.

Finally, the storage mechanism of this branch provides storage fee refund when a transaction deletes a previously stored object.

**The first public chain that only focuses on the expansion of stablecoin

application scenarios**

Compared with other chains that focus on multiple ecosystems, Benfen is more specialized in ecological scenarios based on stable currency applications.

• BenFen Bridge is a native asset cross-chain bridge currently planned to be launched in the near future on this branch chain.
• BenFen Card is a compliant payment solution that is integrated into our daily consumption
• BenFen Pay is a comprehensive payment ecosystem that can realize diversified functions such as direct payment of cryptocurrency, seamless exchange between digital currency and legal currency, and guaranteed payment on the chain.
• BenFen KYC is an on-chain identity authentication and authentication system. By aggregating the certification results of major KYC providers, it realizes one-click query of multi-platform KYC records on the chain and a point-to-point identity information verification channel.
• BenFen C2C is an innovative decentralized secured trading platform

In addition, we will work with our partners to develop various ecological applications for users, promote the ecological development and prosperity of this branch chain, and provide users with greater value.