In a recent blog post, Carbon announced that it’s US pegged digital asset, Carbon USD, can now be run on the EOS Blockchain. This announcement was made after the token became accessible on the Ethereum Blockchain earlier in September. In light of this, two wallets on the EOS Blockchain will be able to transfer the token.
First Stablecoin to be Launched on the EOS Blockchain
CarbonUSB as the third dollar-backed stablecoin to be launched after Gemini dollar and Paxos, and now the first to be listed on the platform. According to its developers, its presence will be adding more value to the crypto community. It will also help to lower transaction fees as compared to what is obtainable on Ethereum’s Blockchain.
The CEO and co-founder of Carbon, Sam Trautwein said:
We are honored and excited to be the first stablecoin on EOS and to play such a crucial role in such a burgeoning ecosystem. Stablecoins are critical infrastructure for value and we think providing this to EOS further enhances the ecosystem.
CarbonUSD, as a Means of Exchange For Developing Countries
During the coin’s release on Ethereum, David Segura, the company’s chief marketing officer held the opinion that this token will likely become an alternative form of exchange for developing countries. These are countries with the highest inflation rate such as Venezuela (652%) and South Sudan (182%).
David Segura also had this to say;
Compliant, price-stable cryptocurrency that is one-to-one backed with U.S. dollar…whitepaper details a novel mechanism for transitioning to a hybrid fiat-algorithmic stablecoin model once CarbonUSD reaches sufficient scale as a fully fiat-backed token
Other USD-based Cryptocurrency Tokens
Other stablecoins backed by the US dollars are Gemini dollar (GUSD) and PAX standard (PAX). The former was launched by Gemini Trust Company owned by the Winklevoss twins. Paxos, on the other hand, was launched by Paxos Trust Company, LLC.
These three Stablecoins have received full approval from the Securities Exchange Commission (SEC); they are less volatile compared to other digital assets like Bitcoin. Alternatively, the trio uses an ERC20 protocol to run on the Ethereum Blockchain, but CarbonUSD differs because it can now carry out transfers on the EOS Blockchain.
This token is available for traders, exchanges, hedge funds, as well as institutional accounts. Currently, you can purchase CarbonUSD tokens from its developer’s partnering bank, Nevada-based Prime Trust. All you have to do is deposit fiat currency to get this digital asset.