EOS Blockchain Welcomes First USD-Pegged Stablecoin, CarbonUSD Token to Platform
CarbonUSD is a stablecoin that is linked in with the US Dollar. The creator of the token, Carbon, announced in a press release on Friday that they are now being added to the EOS platform, making them the first stablecoin on that network. Along with the news of their launch on EOS, Carbon also said that adding the token to such this and other “key” blockchain networks will ultimately offer the “most value for the crypto industry in the long-term.”
The crypto token has already been active on Ethereum for the last two months. The original version of CarbonUSD was introduced in September, around the same time that many other stablecoins reached the market, like the Gemini dollar and the Paxos standard. However, based on the unique algorithm, the creators believe that the CarbonUSD token is capable of standing out amongst competitors.
By transferring onto the EOS blockchain, users will have the benefit of lowered fees and faster settlements. Carbon sweetened the arrangement by providing the option to interact with the EOS application. There’s even the option for native smart contracts, which provide “one-to-one redemption from tokens into real USD.”
According to CoinDesk, co-founder and CEO 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.”
The release also notes that certain types of investors will be provided with early access to CarbonUSD, like institutional investors, hedge funds, and exchanges. To develop the new tokens, Carbon is already partnered with Prime Trust, a bank in Nevada.
Co-founder of Everipedia, Sam Kazemian, has built distributed apps on the EOS blockchain before to complement his company’s decentralized encyclopedia. On this development, he commented,
“Stablecoins, as an asset class, are the next big thing in crypto and will lead to a new bull market in the next 6-18 months.”