The U.S. dollar-pegged crypto token CarbonUSD is recently launched as the first stablecoin on the EOS platform.
The token’s developer, Carbon, proclaimed this news stating in an exceedingly press release on Friday, that he believes making the token practical across “key” blockchain networks could provide “most worth for the crypto industry within the long-run.”
CarbonUSD, that has been live to tell the tale of Ethereum [ETH] for the two months, can presently be transferred onto the EOS blockchain, giving users “even lower fees and quicker settlement than on Ethereum,” in line with the firm.
Carbon conjointly offers a portal that gives users the ability to interact with their EOS application, and includes native sensible smart contracts for “one-to-one redemption from tokens into real USD.”
Sam Trautwein, chief operating officer and co-Founder of Carbon aforementioned:
“We are honored and excited to be the primary stablecoin on EOS and to play such a vital role in such a burgeoning phase. Stablecoins are important infrastructure for price and we assume providing this to EOS further enhances the ecosystem.”
Institutional investors, hedge funds and exchanges can get early access to the token, the press-release adds, with fiat currency deposits at Carbon’s partner bank, Nevada-based Prime Trust, being employed to form new CarbonUSD tokens.
“Stablecoins, as an asset category, are ensuing massive factor in crypto and can result in a new replacement bull market within the next 6-18 months,” stated Sam Kazemian, co-founder of Everipedia, a decentralised encyclopaedia and distributed app maker that is designed on the EOS blockchain.
The company launched the ethereum-based version of the token in Sep. Though it arrived as variety of alternative stablecoins, like the Gemini dollar and therefore the Paxos standard, hit the markets, Carbon aforementioned at the time it believes the coin’s distinctive algorithmic model can eventually set it apart from its rivals.