CarbonUSD Becomes First Stablecoin On The EOS Network
U.S. dollar-pegged stablecoin CarbonUSD has launched on the EOS (EOS) network, only months after Carbon released it on Ethereum’s network.
With this release, CasrbonUSD becomes the first price-stable token to launch on the EOS network, itself a relatively new blockchain platform that launched its mainnet in June.
Although there are several price-stable coins in the market, the Carbon developers believe their coin’s unique algorithm makes it stand out and could be a factor towards its eventual adoption in the crypto industry.
In its official announcement, Carbon said that they envision CarbonUSD as a stablecoin that allows interoperability across most of the leading blockchain networks. The potential to allow systems to be interoperable would make the crypto industry a valuable sector.
The decision to launch the token on EOS provides users with one pertinent advantage- access to low fees and faster transaction settlements that is a hallmark of the highly scalable EOS network.
Furthermore, users will have the benefit of interacting with a wide range of dApps on the platform.
Even more appealing for prospective CarbonUSD users, transferring tokens to the new blockchain platform adds the use of smart contracts that make it easy to redeem tokens “one-on-one” into real USD.
Sam Trautwein, Carbon’s Chief Executive Officer and co-Founder expressed delight at the development, saying that stablecoins form a vital component of the crypto ecosystem.
Trautwein added that their asset would help enhance not only EOS but also the entire crypto space.
“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.”
The announcement also noted that Carbon would provide early access to the token to a select group of investors, including institutional investors, crypto exchanges and hedge funds.
Users will make deposits in fiat to the company’s banking partner Prime Bank, and the Nevada-based institution will forward it to a smart contract that will initiate the ‘minting’ of new CarbonUSD tokens. These token are then sent to the user’s wallet address.
CarbonUSD the next big thing for EOS
Everipedia is a decentralized online encyclopedia, launched on the EOS network in August and its co-founder Sam Kazemian lauded the stablecoin ecosystem as “the next big thing.”
The Everipedia founder, also an advisor of Carbon, said that the cryptocurrency industry could experience a rally in 2019 and that could as well be down to stablecoins.
“Stablecoins, as an asset class, is the next big thing in crypto and will lead to a new bull market in the next 6-18 months.”
Carbon describes its stablecoin as a compliant, independently audited, and easily redeemable stable-price token.
The company says its use of U.S based trusts operated by regulated financial partners makes it a trusted firm that substantially avoids the controversies that hit leading stablecoin issuer Tether.