The upgrade will affect about 12.5 million users, more than 15,000 services, and over 350 government and private-sector institutions that depend on the platform.

UAEPASS allows residents, citizens, and visitors to sign documents, access online services, and verify their identities. Its Digital Vault stores verified documents and enables users to present credentials to institutions for checks.

Avalanche to support 12.5 Million UAEPASS users

TDRA, the federal authority overseeing UAEPASS, selected Avalanche to support the Digital Vault as the platform expands. Avalanche said the system serves about 12.5 million users and connects more than 350 public and private organizations.

With verified documents used across thousands of services, the platform requires institutions to trust the issuer without carrying out separate checks each time. The blockchain upgrade is intended to make verification a routine process while supporting reliable access as usage increases.

Saeed Belhoul, Dgov Operations Director, said the Digital Vault had become an important part of daily life in the UAE. He added that the government aims to protect the trust users place in the platform while moving it to infrastructure designed for growing demand.

Dedicated avalanche L1 to run digital vault

The Digital Vault will operate on a dedicated Avalanche L1 controlled by the operator rather than sharing capacity with unrelated network activity. Avalanche said this approach prevents outside traffic from competing for resources needed by the identity platform.

The structure also gives TDRA control over network membership, permissions, and configuration. Ava Labs said the design is intended to support performance and reliability for government-scale digital services.

“Digital identity is one of the clearest examples of technology that has to work reliably at real-world scale,” said John Nahas, chief business officer at Ava Labs. He described the system as high-performance infrastructure operating behind the scenes to keep digital services secure and seamless.

UAE joins government avalanched deployments

The UAE project follows another government deployment involving the California Department of Motor Vehicles. The California DMV moved 42 million vehicle titles onto a DMV-operated Avalanche L1.

According to Avalanche, the change reduced title transfers that previously took around two weeks to a process that can be completed in minutes. The company said both projects are similar because they serve tens of millions of people while handling important public records.

Avalanche also said the projects show why dedicated blockchain infrastructure can suit large public systems. In the UAE, the focus is national digital identity, while California uses the technology for vehicle ownership records at a large public scale.

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Re7 Labs and Securitize facilitated the integration, with support from Merkl, which is offering AVAX incentives for users who participate in the protocol. Securitize emphasized that the added rewards aim to increase the utility of sBUIDL for investors who want to use DeFi tools without compromising asset security or performance.

sBUIDL Brings On-Chain Utility to BlackRock’s Tokenized Fund

BlackRock confirmed that sBUIDL is issued through Securitize’s vault infrastructure. This system allows holders to lock BUIDL tokens and mint sBUIDL, which can be used across DeFi protocols. The firm stated that sBUIDL remains fully redeemable 1:1 with BUIDL. The underlying fund is backed by short-term U.S. Treasury bills, cash, and repurchase agreements, maintaining a stable value while providing a steady yield.

Securitize launched sBUIDL on May 15 as a composable ERC-20 token. The integration with Euler means users can now use sBUIDL as collateral to borrow assets like USDC and AUSD while earning the yield generated by the BUIDL fund. Merkl’s AVAX rewards further enhance the user incentives on the Avalanche network.

Avalanche Offers Efficiency and Lower Fees for Institutional Onboarding

Avalanche highlighted that the $500 million-plus BUIDL Fund targets a fixed value of $1 per token and pays daily accrued dividends directly to investors’ wallets. The network added that using sBUIDL allows investors to generate yield from assets that would typically remain idle, such as stablecoins or fiat.

According to Avalanche, transaction fees for the Fund on its blockchain are lower compared to other platforms. This cost efficiency, combined with sub-second transaction finality and EVM compatibility, makes Avalanche attractive for institutions entering digital asset markets.

Institutional Adoption Continues to Grow on Avalanche

According to Ava Labs, the deployment of BUIDL brought more institutions on board and was one of several reasons for notable growth on the Avalanche network. Experiments like Kinexsys, created by J.P. Morgan and Citi, are part of what the network is attracting. Wellington, KKR, and Franklin Templeton are among the asset firms that have joined Avalanche, benefitting from its advantages in digital asset management.

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The decision to opt for Avalanche over more established networks like Ethereum is attributed to Avalanche’s unique capabilities. Known for its exceptional speed in block-to-finality throughput and ability to process a high volume of transactions per second, Avalanche stands out in the blockchain world. Its environmental sustainability and adaptability are key factors in its selection, aligning with the Republic’s vision of making financial markets more inclusive and accessible. This is further solidified by the planned deployment of a dedicated subnet for the Republic Note in 2024, demonstrating a strong partnership between Republic and Avalanche.

Attracting a diverse investor base

The Republic Note has sparked considerable interest, with investments exceeding $30 million from individual and institutional investors. This substantial engagement, with over 290,000 interested parties, underscores the increasing demand for innovative investment solutions that blend blockchain security with traditional investment concepts.

This high level of interest is a clear indicator of the growing appetite among investors for new, secure investment vehicles that effectively combine the reliability of blockchain technology with established financial principles.

Strategic integration and market compliance

The Republic team is taking a meticulous approach to the launch of the Republic Note, planning its release on INX, a regulated U.S. trading platform for decentralized assets. This strategic move aims to ensure the Republic Note’s integration into the financial ecosystem while maintaining compliance and stability.

Following in the footsteps of successful projects like the Blockstream ASIC Note (BASIC), the Republic Note sets a precedent in the securities tokens domain within the digital asset market. This step by Republic in leveraging the Avalanche blockchain for the issuance of Republic Note is momentous, marking a new standard in digital asset offerings.

Republic is redefining the digital asset landscape by merging innovative dividend payment methods with strategic blockchain choice and careful market integration. As the financial sector continues to evolve with blockchain technology, initiatives like the Republic Note are poised to play a key role in the future of investment and asset management.

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MUA DAO, a third partner, will provide the service layer for implementing integration and customization of metaverses, according to John Wu, President of Ava Labs. With Alibaba Cloud’s partners interested in joining web3, resources will be dedicated to making it easier for them to develop their SDKs on Avalanche’s infrastructure.

Avalanche features subnets, short for “subnetworks,” consisting of nodes (or validators) built on the blockchain. These subnets are application-specific blockchains that can be tailored to meet various needs, offering customizable blockchain solutions through Cloudverse.

Fast and simple metaverse launches

Emin Gün Sirer, Founder and CEO of Ava Labs, highlighted the ease and speed of creating metaverse spaces, stating that both the chain and wallet could be set up within hours. The technology has been made user-friendly, and all tools are open source.

Builders on Cloudverse will receive support for visuals, meta-economics, interactive functions, events, and ongoing operations, among other things. The companies claim each metaverse space can be operational about a month after initial outreach.

Alibaba Cloud and Avalanche first collaborated in December to offer infrastructure and tools for Asia-based users to launch validators on the Avalanche network. This new partnership with Cloudverse extends their joint efforts. Alibaba Cloud’s John Wu sees the metaverse as a way to engage the Asian enterprise ecosystem in web3 and tap into the potential of 4 million builders, generating a high volume of transactions on the chain.

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