MobileCoin launches a eUSD stablecoin
By Kateryna Salnichenko 1124 17 Oct 2022
MobileCoin, a crypto project focusing on privacy and user security, launches eUSD stablecoin. "Electronic Dollars" were created with the help of the Reserve platform.
MobileCoin is a cryptocurrency payment system supported by Moxie Marlinspike, co-founder and CEO of Signal messenger. The main priority for the project is confidentiality and data storage that are exclusively on the side of users. The company introduced eUSD while developing solutions to maximize the protection of personal information.
The new crypto project is based on the MobileCoin blockchain, which is known for mobile devices optimization and integration with the Signal messenger. The developers claim that it is fully supported by other stakeholders - TrueUSD (TUSD), USDP Stablecoin (USDP) and USD Coin (USDC). All user transactions are protected with end-to-end zero-knowledge proof (ZKP)encryption.
MobileCoin Foundation acts as the primary governing body. The foundation elects “governors” who are authorized to mint and burn eUSD.
A reliable Safe platform is used to store digital assets providing "electronic dollars".
“Anybody can inspect the contract holding this basket [of collateral], to see what the current balances are. It's a Gnosis safe, which is also one of the most highly regarded contracts on Ethereum for holding assets” - Henry Holzman, Chief Innovation Officer at MobileCoin, said.
Digital asset valuation providing stablecoin is carried out using the “Reserve Auditor'' software. It connects to the Safe wallet and verifies that each newly minted eUSD has a corresponding amount of collateral in the wallet. Moreover, each user can run a personal copy of the software and verify the accuracy of the information. To do this, the program is released with open source.
Although eUSD relies on end-to-end zero-knowledge proof encryption to keep transactions private, know-your-customer and anti-money laundering requirements are said to be in place. The company says: “We're building a data-protecting cryptocurrency that also complies with the law.”