18/10/24

CAREY OLSEN: Carey Olsen and IQ-EQ support Deep Blue on the launch of Jersey's first stablecoin

Press Release from Carey Olsen, Friday 18 October, 2024.

Carey Olsen and global investor services group, IQ-EQ, have supported Deep Blue Limited on the launch of DBUSD, Jersey's first stablecoin.

DBUSD is a U.S. dollar denominated stablecoin, collateralised by low-risk assets and supported by an extensive ecosystem of key partners across tokeniser, blockchain foundations, distribution channels, oracle and technology providers, including Archax, the UK Financial Conduct Authority’s regulated digital assets firm. DBUSD's use cases include cross-border payments, remittances, trading and collateral.

Carey Olsen advised on the legal and regulatory aspects of DBUSD's issuance following the recent publication of Jersey Financial Services Commission’s (JFSC) pragmatic Guidance Notes on the ‘Tokenisation of Real World Assets’. Furthermore, IQ-EQ will provide ongoing operational and administrative support to DBUSD's Jersey issuer.

The Carey Olsen team was led by partner and head of digital assets Chris Griffin, assisted by regulatory specialist Sophie Hancock and associate Tshogofatso Dhlamini.

Chris Griffin commented: "The launch of DBUSD is a fantastic result for Jersey and for Deep Blue. As a financial services jurisdiction, DBUSD's approval pathway with the JFSC was clear and shows the Island is the perfect fit for institutional-grade digital assets products."

Suzanne Howe, Director at IQ-EQ commented: "We’re thrilled to collaborate on the launch of Jersey’s first stablecoin, a significant milestone for both the island and the broader digital currency landscape. This initiative highlights Jersey’s forward-thinking approach to financial innovation. We look forward to working closely with Deep Blue in making this stablecoin a trusted and widely adopted solution for businesses."

Commenting on the launch of DBUSD, Julien Bahurel, Founding Partner of Deep Blue, said: "It’s very exciting to launch a stablecoin out of Jersey which will help grow the ecosystem and presents a strong foundation to add new use cases to the digital asset space. We are delighted about our fruitful collaboration and the level of professionalism from our partners in Jersey."

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