Hecto Innovation Signs Business Agreement with VITTOZ for Stablecoin Project Collaboration

Hecto Innovation has signed a business agreement with VITTOZ for cooperation on a hybrid blockchain-based stablecoin project.

According to Hecto Innovation on August 13, under this agreement, the two companies plan to collaborate across the full life cycle of stablecoins—including issuance, distribution, and utilization—by combining their respective blockchain infrastructures and digital asset wallet technologies.

The companies will initiate a concept proof (PoC) to verify the entire process from the issuance to distribution, payment, settlement, and burning of stablecoins. Additionally, Hecto Innovation will participate as a validator for the VITTOZ network and plans to expand its partnership in the blockchain infrastructure sector by working with VITTOZ to supply digital asset wallets to financial institutions.

The PoC for the entire process, from issuing to burning stablecoins, will be conducted using Hecto Group employee welfare points. Hecto Innovation will convert these welfare points, which are provided to Hecto Group employees, into on-chain assets for testing. The company intends to validate the full operational structure, in which stablecoins are issued, used for payment, settled, and ultimately burned under real-world conditions.

The companies will also broaden their collaboration in blockchain infrastructure. Hecto Innovation will participate as a validator on the VITTOZ network, conducting technological inspections of node operation and transaction validation systems. Furthermore, Hecto Wallet One’s developer toolkit for digital asset wallets, “Octet,” will start supporting the VITTOZ blockchain. The companies are also considering supplying the “OhHi Wallet,” a virtual asset service provider (VASP) wallet, to financial companies partnered with VITTOZ.

A VITTOZ representative stated, “We have built up a reference for payment and settlement phases using the CPG (Crypto Payment Gateway) co-developed with RingNet atop our regulatory-friendly hybrid blockchain.” The representative added, “By connecting Hecto Innovation's wallet infrastructure through this agreement, a seamless flow from custody to settlement will be established. We aim to broaden the environment for corporate use of digital assets, starting with the financial industry.”

A source from Hecto Innovation commented, “Through this PoC, we aim to internalize verification capabilities across the entire cycle of stablecoins issued on a hybrid blockchain. We will continue to build stablecoin use cases by harnessing the combined strength of the group.”

This content was produced with the assistance of AI translation services.