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The Three Musketeers of Concordium: Science, Product & Real-World Solutions

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• 15 min read
The Three Musketeers of Concordium: Science, Product & Real-World Solutions

In a recent in-depth session hosted by Concordium, the leadership team (dubbed the “Three Musketeers” of the blockchain) unpacked the company’s evolving strategic vision, with a strong focus on protocol-level stablecoins and identity-driven compliance.

Richard Yolland (Head of Solution Engineering), Erasmus Hagen (Director of Product), and Christopher Portmann (Senior Researcher, Cryptography) led a transparent discussion covering everything from the technical underpinnings of zero-knowledge proofs (ZKPs) to real-world use cases in enterprise finance, government, and remittances.

With stablecoins now at the heart of Concordium’s roadmap and interoperability, privacy, and regulation shaping its ecosystem, this session painted a clear picture of where Concordium is heading, and how it aims to become the blockchain backbone for compliant, real-world digital finance.

1 Introductions: The Three Musketeers of Concordium

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1 Introductions The Three Musketeers of Concordium
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  • Richard Yolland – Head of Solution Engineering:
    Background in particle physics, investment banking (21 years), and management consulting.
    • Worked at Copper as "inaudible" under BBB before going back to management consulting.
    • Rejoined BBB at Concordium eight to nine months ago after BBB became CEO
  • Erasmus Hagen – Director of Product
    • Over a decade in Web3 & blockchain, primarily in product development.
    • Previously a founder in the blockchain space.
    • Background in social science, blending humanistic & technical perspectives.
    • Passion for systems design, product development, and identity philosophy.
  • Christopher Portmann – Senior Researcher (Cryptography)
    • -Academic background in cryptography, specializing in quantum cryptography & composable security.
    • Joined Concordium 3.5 years ago, focusing on protocol design & security.
  • Comment

2 Setting the Stage: Commercial & Strategic Direction (Richard Yolland)

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2 Setting the stage commercial and strategic direction Richard Yolland 1
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  • Stablecoins are now 90% of Concordium’s focus and the primary strategic priority for growth.
  • Discussion generally follows up on BBB’s Town Hall comments about stable coin integration.
  • Targeting stablecoin issuers:
    • Not competing with major issuers like Circle but attracting niche stablecoin projects.
    • Once adoption grows, focus shifts to payment providers, financial institutions, and enterprise integrations.
  • Why stablecoins?
    • Bridges Web2 & Web3 financial ecosystems.
    • Expanding real-world utility for payments, supply chains, and finance.
    • Growing market demand for stable, trusted digital assets.
  • Concordium’s Blockchain Adoption Strategy
    • Channel partners drive adoption:
      • Fujitsu as a key partner – leveraging existing client networks.
      • Other enterprise collaborations in discussion (Hitachi deprioritized for now).
  • Startups building on Concordium:
    • Some receive grants, others join organically due to blockchain’s advantages.
    • Successful projects gain access to marketing, distribution, and sales networks.
    • Decentralized growth model:
    • Concordium is a non-profit, focused on expanding the ecosystem.•More builders = more network effects & greater adoption.
  • Stablecoin Issuance & Broader Integration
    • Initial focus: Attracting stablecoin issuers to build on Concordium.
    • Next phase: Expanding into financial services & enterprise applications.
  • Stablecoin advantages:
    • Efficient cross-border transactions.
    • Liquidity solutions for traditional finance.
    • Financial instruments & programmable money.
  • Long-term vision:
    • Stablecoins as a core pillar of the digital economy.
    • Expanding into enterprise-grade DeFi solutions.
  • Final Thoughts
    • Open Q&A: Community questions drive discussion.
    • Concordium’s roadmap is dynamic – adapting based on market needs & builder demand.
    • Engagement with partners & developers is key to scaling adoption.
  • Comment

3 The Future of Stablecoins – Insights from Erasmus Hagen

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3 The Future of Stablecoins Insights from Erasmus Hagen 2
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  • Stablecoins are on the rise
    • Growing global adoption by traditional payment providers and financial institutions.
    • Major players like Stripe (Patrick Collison) are actively investing in stablecoin infrastructure.
    • Example: Stripe’s $1B acquisition of Bridge, an API for stablecoin payments.
    • CBDCs and regulatory frameworks are emerging worldwide, further validating stablecoins.
  • The “AI Parallel” – What Crypto Needs to Succeed
  • Just as AI needed three key advancements (data availability, better algorithms, and computing power), crypto requires:
    • Regulation & legal clarity to enable mainstream adoption.
    • Widespread user adoption to reach a tipping point.
    • Technological innovation in areas like key management, scalability, and security.
    • Stablecoins are at the intersection of regulation, adoption, and tech innovation, making them a cornerstone of blockchain’s future.
  • Political & Market Shifts Favoring Stablecoins
    • The U.S. government is becoming more crypto-friendly, accelerating industry momentum.Increased institutional investment & enterprise adoption indicate strong long-term prospects.
    • Remittances as a key stablecoin use case:
    • Provides financial stability in inflationary economies.
    • Lowers costs and speeds up cross-border transactions.
  • Bright Future for Stablecoins
    • Retail & remittance use cases are gaining traction.
    • Governments and enterprises are actively exploring stablecoin integration.
    • Stablecoins bridge Web2 & Web3, driving real-world utility.
  • Comment

4 The Three Levels of Tokens on Concordium

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4 The Three Levels of Tokens on Concordium 2
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  • Native Token CCD-CCD remains the blockchain’s native token
    • used for transactions and fees.
    • Integral to network operations and governance.
  • Protocol Level Tokens (PLTs)
    • A new category of tokens natively integrated into the protocol.
    • More efficient than smart contract tokens (lower computational cost, cheaper fees).
    • Designed for security & stability, with fewer attack vectors compared to smart contract-based tokens.
    • Stablecoins on Concordium will be issued as PLTs.
    • Important distinction: PLTs are not a single token but a token type—issuers create their own stablecoins within this framework.
  • Smart Contract Tokens – CIS2
    • Fully customizable tokens deployed via smart contracts.- More flexible but more computationally expensive than PLTs.
    • Higher perceived risk due to the complexity and history of vulnerabilities in smart contract execution.
    • Still available for projects needing advanced token functionality.
  • Why PLTs?
    • More efficient & cost-effective than CIS2 tokens.
    • More secure & robust by limiting customization options, reducing attack surfaces.
    • Ideal for stablecoins & widely adopted token types, balancing security and usability.
  • Comment

5 Q&A 1: How Does CCD’s Zero-Knowledge Proofs (ZKPs) Stand Out?

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5 QA 1 How Does CCDs Zero Knowledge Proofs ZKPs Stand Out
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  • Why Our ZKPs Are Superior
    • Different types of ZKPs exist, each with trade-offs in efficiency and usability.
    • Some blockchains use STARKs, which allow extreme parallel proofs but require heavy computation (not feasible on mobile devices).
    • Others use simpler ZKPs, which are efficient but too restrictive in what they can prove.
  • Concordium’s Approach: Optimized for Identity Proofs
    • Uses lightweight, efficient proofs that can be generated directly on a mobile wallet.- Minimal bandwidth usage – compact proofs that are easy to verify.
    • Proves key identity attributes, such as:
      • Age verification (“Am I over 18?”)
      • Residency verification (“Am I in this country?”)
      • Membership in a predefined group (“Do I meet this criteria?”)
  • The Layer-1 Advantage
    • Identity layer is built into the blockchain – making proof generation seamless.
    • The wallet holds and generates proofs, signing them as needed for verification.
    • Contrast with smart contract-based identity systems: 
      • More complex & manual (e.g., adding CIS2 tokens manually).
      • Less efficient for wallets to interact with smart contracts.
      • Higher friction compared to Concordium’s smooth, integrated approach.
  • Why This Matters- Usability: ZKPs on Concordium are fast, seamless, and mobile-friendly.- Security: Built-in identity verification without needing heavy computation.- Compliance & Adoption: Enterprises and regulators require efficient identity solutions that don’t compromise privacy.
  • Comment

6 Q&A 2 How Do Zero-Knowledge Proofs (ZKPs) Relate to Programmable Money & Protocol-Level Tokens?

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6 QA 2 How Do Zero Knowledge Proofs ZKPs Relate to Programmable
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  • Programmable Money & PLTs – No Direct ZKP Use (Yet)
    • Current programmable money features rely on programmable locks rather than ZKPs.
    • These locks determine who can send, receive, or unlock tokens based on predefined conditions.
    • ZKPs are not directly used in transaction execution but could be integrated for future enhancements.
  • Where ZKPs Might Play a Role
    • Regulatory compliance for stablecoins:
      • Some stablecoin issuers must restrict access to users in certain jurisdictions.
      • ZKPs could be used to verify eligibility without revealing personal data (e.g., proving location without exposing an address).
      • Access control: Before holding a token, users may need to prove eligibility using ZKPs.
  • Future integration possibilities:
    • Enhanced privacy-preserving transactions.
    • Selective disclosure of ownership and permissions.
  • Comment

7 Q&A 3 How Are Zero-Knowledge Proofs (ZKPs) Logged & Managed?

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7 QA 3 How Are Zero Knowledge Proofs ZKPs Logged Managed
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  • Are Proofs Logged on the Blockchain?
    • No, proofs are not logged on-chain—they are generated by the wallet and remain off-chain.
    • The wallet does not currently store a history of generated proofs, though this could be added as a future feature.
    • Proofs are valid only at the moment they are generated, as conditions may change (e.g., age-based discounts).
    • Time-stamping proofs can ensure they remain valid only within a certain window.
  • How Can Apps & Businesses Use ZKPs (Yolland)?
    • Proofs are stored and managed at the application level, not on the blockchain.
    • Example: A retail loyalty program.
      • A user holds a membership proof in their wallet.
      • A gym verifies the proof for a promotional offer.
      • The app records proof usage, but this remains in the app’s backend (not blockchain).
      • Web2 apps can use ZKPs for privacy-preserving verification, leveraging Web3 functionality without exposing user data.
  • Comment

8 Q&A 4 How Does Concordium’s Layer-1 Benefit Banks, Governments & Large Corporations?

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8 QA 4 How Does Concordiums Layer 1 Benefit Banks Governments 1
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  • The Big Picture: The Need for Identity in a Digital World
    • The internet lacks robust identity verification, leading to fraud, inefficiencies, and regulatory gaps.
    • Governments, banks, and enterprises need better AML (Anti-Money Laundering) & compliance tools.
    • The challenge: Balancing security & privacy—users shouldn’t have to expose all their data just to prove a single attribute.
    • Zero-Knowledge Proofs (ZKPs) solve this by enabling verification without revealing unnecessary personal data.
  • Financial Sector: Banks & AML Compliance
    • Portable Privacy-Preserving KYC/AML:
      • Users complete KYC once at a bank & reuse it across multiple institutions without re-exposing personal documents.
      • Improves user experience and reduces compliance costs for banks.
      • Regulatory acceptance is key:
      • Adoption will accelerate once governments recognize & approve these privacy-preserving mechanisms.
  • Stablecoins & Compliance in the Corporate Sector
    • Stablecoins as the foundation for programmable money:
      • Flexible, interoperable financial instruments for payments & business transactions.
      • But compliance is essential—stablecoin issuers must adhere to regulations.
    • ZKPs for geofencing & regulatory restrictions:
      • Issuers can enforce regional compliance without exposing user identities.
      • Users prove eligibility for stablecoin use (e.g., not in a restricted country) without revealing personal data.
  • Government & Public Sector Use Cases
    • E-Governance & Voting:
      • Governments can implement one-person, one-vote systems without tracking individuals.
      • Reduces fraud while maintaining privacy & fairness.
    • Cross-Border Identity Solutions:
      • National ID systems don’t always transfer internationally—ZKPs enable verifiable, portable credentials.
    • Maritime industry example:
      • Global sailors need certifications that remain valid across jurisdictions.
      • Concordium is working with a project to implement ZKPs for maritime industry credentials.
  • Large Corporations & Age Verification
    • Age-restricted services (alcohol, adult content, social media):
      • Companies must ensure compliance with age restrictions without collecting personal data.
      • ZKPs allow users to prove “I’m over 18” without sharing their exact birth date.
  • Comment

9 Q&A 5What Collaborations Are in Development but Not Yet Public?

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9 QA 5 What Collaborations Are in Development but Not Yet Public
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  • No Specifics (Yet), But Plenty in the Works
    • Material Non-Public Information (MNPI) prevents details from being shared.
    • Many collaborations are in progress, but timing is key for strategic announcements.
    • Marketing & strategic planning dictate release schedules and everything is sequenced for maximum impact.
    • Confirmed public collabs include:
      • Energinet partnership (previously announced).
      • More to be revealed when the time is right.
  • The Reality of Answering This Question- The moment a collaboration becomes public, it’s no longer “not yet public.”- Until then, you’ll have to wait!
  • Comment

10 Q&A 6 Potential Partnerships with Banks, Payment Providers (Visa, Mastercard, SWIFT)?

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10 QA 6 Potential Partnerships with Banks Payment Providers Visa
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  • No Specific Announcements (Yet), But a Clear Focus
    • Potential partners cannot be disclosed!
    • Channel partners like Fujitsu bring exposure to government agencies, financial institutions, and enterprises.
    • Concordium is taking a more focused approach under new leadership, prioritizing key areas rather than spreading too thin.
  • Initial Focus Areas for Adoption-Stablecoin Issuers
    • Primary target: Bringing stablecoins onto Concordium’s blockchain.
    • Ensuring regulatory compliance while leveraging identity layer benefits.
  • Stablecoin Integration Partners
    • Financial institutions, payment providers, and blockchain management solutions.
    • Expanding access to payment rails, remittance, and institutional adoption.
  • Enterprise & Government Use Cases
    • Supply chain management, ESG tracking, municipal bodies, healthcare, and finance.
    • Supported through channel partners like Fujitsu.
  • New Leadership’s Strategic Shift (ERASMUS)
    • More stringent focus: Selecting fewer, high-impact initiatives instead of spreading too thin.
    • Saying no to some things to say a big yes to others.
    • Strategy-aligned execution to ensure sustained growth and adoption.
  • When Can We Expect News?
    • Announcements are carefully timed for maximum impact.
    • Multiple factors influence the release schedule:
      • Market conditions
      • Exchange listings, on-ramps, and accessibility
      • Organizational readiness to support announcements
    • Marketing team coordinates the rollout—news will come when it makes strategic sense.
  • Comment

11 Q&A 8: What’s the Plan for Making Concordium Stablecoins Available on Other Blockchains?

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11 QA 7 Whats the Plan for Making Concordium Stablecoins Available
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  • Interoperability & Bridging Considerations
    • If the question refers to bridging stablecoins into other ecosystems, the answer is:
      • Concordium is aware of DeFi’s multi-chain reality but hasn’t prioritized interoperability in the past.
      • Some bridges have existed, but traction has been limited.
  • Current Focus: Stablecoin Issuance on Concordium
    • New leadership is emphasizing focus—and right now, the priority is building stablecoins at the protocol level (PLTs).
    • Bridging is not a primary initiative, but Concordium supports community-driven projects interested in cross-chain integrations.
    • Teams interested in bringing Concordium stablecoins to Uniswap, Compound, or other DeFi platforms can be supported but must align with the stablecoin vision.
  • Future Possibilities
    • Bridging could become a priority if there’s strong demand, but right now, the goal is to establish stablecoins natively on Concordium first.
  • Comment

12 Q&A 8 Will the Wallet Show the CCD to USD Rate?

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Q12 QA 8 Will the Wallet Show the CCD to USD Rate
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13 Q&A 9 Stablecoins for Automated Payments, Supply Chains & Invoice Settlements?

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13 QA 9 Stablecoins for Automated Payments Supply Chains Invoice
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  • Yes, this is part of Concordium’s second phase.
    • Phase 1: Stablecoin issuance (bringing stablecoins onto the network).
    • Phase 2: Integration with payment providers, supply chains & invoice settlement platforms.
  • Everything is on the table—partnerships & real-world use cases will evolve as adoption grows.
  • Comment

14 Q&A 10 Which Industries Are Showing the Most Interest in Concordium & Protocol Stablecoins?

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14 QA 10 Which Industries Are Showing the Most Interest in Concordium
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  • Right now, the primary focus is on stablecoin issuers.
  • Engagement with integration partners (e.g., payments, supply chains) comes in the next phase.
  • Channel partners like Fujitsu provide access to a wide range of industries, but direct industry adoption is still in progress.
  • Current priority: Establishing a strong base of stablecoin issuers before expanding into broader enterprise adoption.
  • Comment

15 Q&A 11 Is Concordium Working with Banks on Digital Currencies?

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15 QA 11 Is Concordium Working with Banks on Digital Currencies
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  • Not yet, but likely in the future.
    • Phase 2 priority—after stablecoin issuers, banks & financial institutions could become key partners.
    • No official collaborations at this stage, but the potential is there.
  • Comment

16 Q&A 12 What Is the Status of Concordium’s RWA Tokenization Framework?

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16 QA 12 What Is the Status of Concordiums RWA Tokenization Framework
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  • RWA tokenization is not a core focus, but Concordium remains open to builders using it.
    • Concordium provides strong tokenization capabilities, but competing directly with specialized firms (e.g., Token, Bitbond) is not the priority.
  • Current approach:
    • Startups & projects are welcome to build on Concordium for RWA tokenization.
    • One or two projects are exploring it, but no major initiatives have been announced.
    • Strategic focus remains on stablecoins & compliance, with RWA being a secondary opportunity.
  • Comment

17 Q&A 13 How Does Concordium View Circle’s CCTP v2 Hooks & Similar Innovations?

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17 QA 13 How Does Concordium View Circles CCTP v2 Hooks Similar
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  • Circle’s Cross-Chain Transfer Protocol (CCTP) v2 is an interesting model for automating post-transfer actions.
    • Programmability is key—Concordium aims to introduce sophisticated hooks for Protocol-Level Tokens (PLTs).
    • Not a direct 1:1 adoption, since Concordium currently has limited interoperability.
    • However, similar native mechanisms could be developed to support real-world payments & automated financial operations.
    • Future exploration possible, especially for enterprise payment automation & compliance-driven programmable money.
  • Comment

18 Q&A 14Will Protocol-Level Tokens (PLTs) Be Exclusive to Stablecoins?

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18 QA 14 Will Protocol Level Tokens PLTs Be Exclusive to Stablecoins
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  • Yes, for now, PLTs are intended for stablecoins.
    • PLTs are designed as the backbone infrastructure for stablecoin issuance & adoption.
    • Future expansions? Possible, but no current plans to extend PLTs beyond stablecoins.
  • Comment

19 Q&A 15 What Products Will Be Required on Concordium for Cross-Border Payments Using Protocol Stablecoins?

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19 QA 15 What Products Will Be Required on Concordium for Cross
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  • Concordium provides the blockchain & infrastructure while issuers & partners build the products.
    • Concordium’s role:
      • Core blockchain infrastructure (Protocol-Level Tokens, smart contract functionality).
      • Tech stack support (APIs, SDKs, Oracles, tooling).
      • Locks & scheduling functionality for programmable money.
  • End-user products (wallets, payment rails, integration tools) will be developed by issuers & integration partners.
    • No plans for Concordium to build direct end-to-end products—focus remains on enabling builders.
  • Comment

20 Q&A 16-17 What Protocol-Level Tokens (PLTs) Can We Expect? Will They Appear Automatically in the Wallet?

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20 QA 16 17 What Protocol Level Tokens PLTs Can We Expect Will
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  • Only stablecoins are planned as PLTs for now.
    • Exact stablecoins are not yet confirmed—news will come as developments progress.
    • PLTs will be integrated into the Concordium wallet for seamless user experience.
    • The wallet team is designing the UX/UI now, ensuring smooth integration.
  • When Will the First Stablecoins Go Live?
    • Target launch: June 2024 (ambitious but achievable).
    • Canary Testnet (chaos net) will be introduced for early access:
      • Developers & builders can test features before mainnet release.
      • Expect announcements in early April for developer participation.
      • Aimed at gathering real-world feedback & refining functionality.
  • How Is Concordium Ensuring Real-World Usability?
    • Stablecoin issuers drive requirements—Concordium is building for their needs, not assumptions.
    • Close engagement with commercial & product teams ensures a practical, enterprise-ready blockchain.
    • Iterative development—new tools will be tested early and improved based on real user feedback.
  • Comment

21 Q&A 18-19, Adoption and Rationale Behind PLT Stablecoins

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21 QA 18 19 Adoption and Rationale Behind PLT Stablecoins
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  • Q&A 18 Next Steps to Drive Adoption
    • Stablecoins remain the central focus.
    • Concordium is working on improving roadmap communication—expect more transparency soon.
    • A clearer roadmap should be released in the next 3-4 weeks to better outline priorities.
    • More structured updates will provide a better understanding of Concordium’s strategic direction.
  • Q&A 19 Why Integrate Stablecoins at the Protocol Level Instead of Smart Contracts?
    • Beyond security, PLTs offer several advantages:
    • Efficiency gains—lower computational costs, faster transactions, cheaper fees.
    • More robustness & trust—PLTs are natively integrated into the blockchain, making them more reliable.
    • Simplified token issuance—less complexity for stablecoin issuers, making adoption easier.
    • Potential governance integration—PLTs can align more closely with on-chain governance mechanisms.
  • Comment

22 Wrap Up of Presubmitted Q&A

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22 Wrap Up of Presubmitted QA
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  • Is Concordium Itself Regulated & Compliant with Regulations Like MiCA, FATF, & AML Rules?
    • Concordium provides the infrastructure for compliance—but compliance itself is the responsibility of businesses using the blockchain.
    • Identity verification is built into the protocol, requiring users to obtain credentials from official Identity Providers (IDPs).
    • Supports KYC, AML, & FATF travel rule compliance:
      • Ensures sender & receiver identity verification when required.
      • Can restrict transactions based on nationality, age, or jurisdictional rules.
    • Concordium enables jurisdiction-based controls, helping businesses comply with evolving regulations.
  • Concordium Is Regulation-Ready, Not “Regulated” Itself
    • A key distinction:
      • Concordium is NOT a regulated financial entity.
      • Instead, it provides the tools for businesses building on it to comply with financial regulations.
      • This means businesses must integrate compliance features into their own reporting & operational models.
  • Comment

23 Final Words

This session offered more than just answers. It clarified how Concordium is approaching the next phase of its development. The focus on stablecoins at the protocol level is a deliberate architectural choice. Identity is treated as foundational, not peripheral. The technology serves a purpose, and that purpose is regulatory clarity, usability, and long-term adoption.

What stood out was the consistency. Whether the topic was zero-knowledge proofs, token design, or real-world applications, the same principles guided the conversation: efficiency, security, and alignment with existing systems. There is a growing coherence between Concordium’s technology and its strategic direction.

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