Private stablecoin & 'Local Complementary Money'

What we added was a blockchain component and a wallet on a RFID card. Uploading the cash would be done, at first, within the bars themselves, as the wallet was physically on the card itself. Security of the device was a challenge, and the patent was really focused on the connected-keg and the "pay-as-you-pour" mechanism. The payment method itself (blockchain payments), was reviewed several times to optimize both the User Experience and still remain compliant both from regulatory & security perspectives.

Based on the success of this new method, the limitations became apparent: the stablecoin was usable only in the Baleine Déshydratée bars & restaurants. Customers wanted to use their tokens elsewhere. Opening up the private coin to the outside world meant moving to one of four options, all studied:

1. creating a consortium with several other brands ;
2. tokenizing an existing "coupon" locally used by a set of merchants ;
3. creating a full-blown public stablecoin ;
4. creating a tokenized Local Complementary Money.

1. Consortium of merchants

Due to the success of Baleine Déshydratée bars & restaurants, many merchants wanted to try the experiment. However, the compensation of traditional euros was a problem: each merchant wanted to keep its existing bank account, and manage the in-flow of cash. Keeping track of inter-merchants' compensations was a headache. The option of creating a dedicated bank account, owned by the Consortium, was much easier, but appealed less to merchants.

2. Tokenized coupons

This option was the simplest. It required NDMAC Systems to take part in the Coupon Program, and an update in its payment mechanism had to be done to accept this new payment form. This had an impact on Baleine Déshydratée's net margin, as the Coupon Program would take its cut in the process.

Tokenizing this program revealed simple but not mandatory, as customers were using existing physical coupons and tokenizing it would have meant convincing all merchants using the coupon to upgrade their payment system.

3. Stablecoin

The option to create a Stablecoin was difficult, due to adverse legislation in France and Europe. MiCA was underway, and preliminary assessments meant that the bar would need to become a financial institution; it was not ready for that.

Consequences of having such a stablecoin emitted by a traditional merchants were evaluated: including the fact that part of its benefits would be created by speculative activity on its coin as a financial asset - instead of a payment means.

4. Local Complementary Money

This new challenge opened up a lot of questions and opportunities. The idea behind such a coin is that, to be adopted, it really needs to be usable to pay some elementary stuff: electricity & water bills; bus tickets; local taxes. Without such features, the Money would remain just another coupon, and would be discarded by most customers.