In light of the New York State Department's order for Paxos to stop minting BUSD, exchanges everywhere are scrambling to reshuffle all BUSD trading pairs and functions, which highlights one of the advantages of stablecoins like eUSD that aren’t dependent on any one issuer.
RENO, Nev. (PRWEB) February 23, 2023
Moby launches the electronic dollar (eUSD), a decentralized 1:1 asset-backed stablecoin using Reserve Protocol.
In the wake of the FTX implosion, the need for proof of reserves has never been greater. Pegged to the US Dollar, eUSD is backed 1:1 by a diversified basket of yield-bearing, trusted stablecoin derivatives utilizing Compound and Aave (aUSDC, cUSDC, aUSDT, cUSDT). eUSD is decentralized, community-governed, and censorship-resistant.
Nevin Freeman, Co-founder of Reserve, shared, "In light of the New York State Department's order for Paxos to stop minting BUSD, exchanges everywhere are scrambling to reshuffle all BUSD trading pairs and functions, which highlights one of the advantages of stablecoins like eUSD that aren’t dependent on any one issuer. If any underlying fiat-backed coin included in eUSD’s backing has such an issue, it can be rebalanced out via governance without interrupting service for eUSD users at all."
MobileCoin is bringing eUSD to its worldwide payments application and wallet, MOBY, by using the Reserve platform. eUSD transactions using MOBY remove borders and offer more cost-effective remittances and peer-to-peer payments than ever before – all with sub-penny fees.
Joshua Goldbard, Founder of MobileCoin, expressed, "eUSD represents the culmination of over five years of cryptographic research. eUSD transactions are fast, cost almost nothing, and provide state-of-the-art customer protection. This technology is creating opportunities for the underbanked and has the potential to transform our financial system to be more inclusive and accessible."
Additionally, DeFi participants and DAO treasuries in the Ethereum ecosystem can earn yield with eUSD on decentralized exchanges, like Curve Finance, that is censorship-resistant and, most of all, stable.
For media inquiries, please contact Karen Hepp at (310) 260-7901 or karen(at)melrosepr(dot)com.
About Reserve Protocol
Reserve aims to help people around the world fight inflation by providing access to stable currency. The Reserve Protocol provides a turnkey, permissionless platform for anyone to create yield-bearing, asset-backed currencies that share revenue, are censorship-resistant, and have proof of reserves on-chain, 24/7. The platform is designed to provide an alternative to inflation-prone currencies, empowering people to maintain their purchasing power over time and across borders. Reserve's RSV stablecoin has $300 million in volume per month in Latin America for used shopping, payroll, remittances, and p2p payments.
About MobileCoin
Founded in 2017, MobileCoin is a layer 1 blockchain that is focused on fast, secure, frictionless payments compatible with mobile devices. MobileCoin went live on mainnet in 2020. Their wallet, Moby (feat. PrivatePay™) is now live globally in the App Store and Play Store. Moby is a private, self-custodial, global-based payment app that lets you send money to anyone you can text. For more information, please visit our website at https://moby.app.