According to a recent press release, the Carbon team is currently developing CarbonUSD as the first stablecoin to be interoperable across major blockchain networks. This is a part of an effort to make a more ubiquitous store of value, low-friction fiat on-and-off ramp and trusted hedging asset for traders on exchanges.
“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,” said Sam Trautwein, CEO and co-Founder of Carbon, in the announcement.
Earlier this year, Carbon raised a seed round from major venture funds including General Catalyst, Digital Currency Group, FirstMark Capital, Plug and Play Ventures and The Fund.
“An algorithmic, fiat-pegged stablecoin will help drive utility and accelerate the adoption of crypto, and Carbon has one of the strongest teams working to make this idea a reality. We are excited to support them,” said the CEO of Digital Currency Group, Barry Silbert.
While the stablecoin market is rapidly becoming saturated with new entrants, Carbon aims to differentiate itself with its algorithmic model and multi-chain support.
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.