CarbonUSD, a dollar-pegged cryptocurrency token which was originally launched on EOS can now be swapped between EOS and Ethereum. The token is the first ever stablecoin that was launched on EOS. The announcement about the swap was made by Carbon yesterday. The coin’s developer, made the announcement in a press release adding that CarbonUSD’s interoperability across various blockchains is going to add value to the coin and the industry as a whole in the long run.
The stablecoin has been live on the Ethereum blockchain for the last two months but can now be transferred to the EOS blockchain on a user’s request. This will allow users to enjoy lower transaction fees and faster confirmation times. The company also provided a portal that gives users the ability to interact with applications on EOS. This portal has native smart contracts for one-to-one redemption to USD.
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The cofounder and CEO of carbon, Sam Trautwein, said:
“It’s an honor that we are the first to produce a stablecoin for EOS and to play a significant role in the industry. Stablecoins play a critical role in providing value in the industry. We believe integrating this with EOS will help enhance its ecosystem”.
Hedge funds, institutional investors and exchanges will be the first to get access to the token. There are fiat deposits at Prime Trust, the Navada-based bank that partners with Carbon. The new CarbonUSD tokens will be produced as a result of this partnership. The cofounder of Everipedia, the popular decentralized encyclopedia and dApp developer, Sam Kazemian, had this to say:
“Stablecoins are crucial assets in the cryptocurrency industry. They will fuel a bull run in the next six to eight months”.
In September, Carbon launched an Ethereum-based version of the token This was around the same time many other stablecoins were launched. It was when Paxos, and Gemini dollar were launched. At the time, Carbon said that the CarbonUSD is based on a unique algorithm that will eventually set it apart from competing coins.