Carbon Dollar-Pegged Stablecoin (CarbonUSD) Launches Days After GUSD and PAX
Carbon Is The Latest Startup To Launch a Dollar-Pegged Stablecoin
Stablecoins are one of the popular trends of the market right now, which makes all the sense when you think on how the bear market has been affecting the top cryptos like Bitcoin (BTC) and Ethereum (ETH). Now, after both Paxos and Gemini decided to launch their own stablecoins is the time for Carbon to release its own product in the market.
The new token will be called CarbonUSD and will be based on the Ethereum blockchain. The new token will be compliant with the current regulation of the market and completely price-stable. It will be available for institutional accounts, hedge funds, exchanges and traders that want to invest in digital money without the risk of volatility.
Carbon has affirmed, via a press release, that the company will actively pursue exchange listings to make the token popular. The token will be launched soon after the Gemini Dollar and the Paxos Standard arrive in the market, but the team is confident that by using its unique algorithmic model, the company will be set apart from the others and will be successful.
Big Plans For The Future
CarbonUSD has not even been launched yet but the company clearly has some highly important plans for the token right now. According to the company, if CarbonUSD is able to reach a market cap of $1 billion USD, it will change to a hybrid algorithmic model.
The co-founder of Carbon, Miles Albert, has affirmed that the team has already developed an algorithmic scale model and has done simulations and that the token only needs sufficient scale and liquidity now.
However, it may be hard to acquire trust when Tether, the most successful stablecoin in the market, lacks a clear third party audit and it is accused of market manipulation all the time. Despite this issue, Albert seems very confident that the CarbonUSD will be able to get the trust of the users.
According to him, CarbonUSD was designed to be compliant and, with the help of the company’s partner, Prime Trust, the token will be audited from time to time so that the company will not have to face the same problems that Tether is often facing.
The Chief Marketing Officer of the project, David Segura, has affirmed that the company will work together with Prime Trust, which is also a blockchain company, to ensure that the legal side of the business will be fully legal and compliant with the laws from the financial world.
Any investor that wished to buy the token will have to do it via fiat currency deposits which will be done directly via Prime Trust.
Carbon was able to get a seed funding of $2 million USD back in April 2018. Some of the most high profile investors in the round were General Catalyst, FirstMark Capital and Digital Currency Group.
The platform is being launched on the Ethereum network, but the people from Carbon have already expressed some interest over Hashgraph, a highly energy efficient network. The CEO of the company believes that it could help to drive the adoption of the token.