Ayro Pivots To Stablecoins, Changes Name To StableX Technologies
Ayro Pivots To Stablecoins, Changes Name To StableX Technologies. Photo By Ludde Lorentz On Unsplash.
Ayro Inc, an EV manufacturer and sustainability designer, has announced a pivot into the stablecoin space, renaming to StableX Technologies, according to AccessNewsWire. The move coincides with an increase in the positive regulatory shift towards digital assets and specifically stablecoins in the U.S., following the recent passing of the Genius Act in July.
In a press release, Ayro announced its intentions to pivot towards the digital asset space, with a bold renaming of its company ticker AYRO to SBLX on the Nasdaq. Unlike the wave of public companies launching and pursuing DATs (digital asset treasuries) solely featuring acquisitions of leading crypto assets and tokens, such as Bitcoin, Ethereum, Solana and XRP, StableX focuses on projects the define the global rise of stablecoins.
Executive Chairman Josh Silverman expressed:
"We believe this positions StableX as a key player in one of the fastest-growing segments of the digital asset market. This is the culmination of our broader strategic realignment initiated earlier this year, which includes the evaluation and acquisition of targeted stablecoin investments and infrastructure. The Company expects its new brand identity to strengthen its market presence, enhance investor awareness, and underscore its long-term growth strategy. We expect to announce our first investment in the near term."
Whilst it is not clear what the roadmap looks like for its older EV production and patents in the sustainability discourse, earlier in the month, the company released a statement revealing a $100 million budget set aside for its new investment strategy. This may include direct funding for stablecoin projects providing issuance and treasury services; acquisition of native tokens to support their ecosystems; as well as a broader strategic bet on the prevalence of yield-bearing stablecoins.
Note: This is intended for informational purposes only and does not in any way constitute or solicit financial, professional, or legal advice. Readers should conduct due diligence at all times.
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