However, on-chain commerce cannot fully succeed without achieving the same level of privacy found in traditional finance, as users expect comparable privacy and convenience to what they experience with their banking apps.

The transparent nature of public blockchains raises privacy concerns for potential users and enterprise adopters.

Private stablecoins are essential for any Web3 commerce applications. Achieving parity with traditional finance depends on getting this right.

Advancing On-Chain Commerce Beyond Traditional Finance

We are already benefiting from zk technology advances made during the bear market. This technology allows users to prove necessary information without exposing balances or transactions publicly, enhancing financial privacy.

Integrating zk technology with stablecoins is crucial for on-chain commerce to prosper. It will also offer security and privacy benefits that traditional finance and Web2 environments lack.

One impact of these features is improved personal security. Private stablecoins using zk technology and reduced proof verification costs provide built-in security and anonymization, eliminating the need for costly custodians.

For enterprise adopters, private stablecoins can offer competitive security and protection against espionage by concealing transaction trails and securing sensitive business operations.

Enhanced privacy features can also mask employees' financial details, preventing payroll data from being reverse-engineered when salaries are distributed using stablecoins. This non-custodial security solution could further reduce vulnerabilities by decentralizing payroll management, allowing employees to control their own transactions.

Christian Walker, Chairman and Co-Founder of Stablecoin Standard and Director of Partnerships at Archblock (formerly Trust Token), has been involved in the crypto space since 2017 and transitioned to stablecoin startups in 2020. Previously, he was Head of Partnerships at poundtoken.io, an Isle of Man regulated GBP stablecoin startup. Christian developed the idea of uniting smaller stablecoin issuers to represent the industry more broadly. Before entering the crypto sector, he spent over a decade in travel and hospitality, founding a socially responsible youth travel company in 2012. He holds an international MBA from Hult International Business School and a degree in Modern Languages and Business from the University of Salford.