Crypto firm MobileCoin has partnered with stablecoin platform Reserve, to launch a stablecoin dubbed “Electronic Dollars” (eUSD).
The company says eUSD is fully collateralized and is uniquely designed to protect users’ private transactional data.
According to MobileCoin, eUSD is backed by a basket of other stablecoins, namely, USD coin (USDC), Pax dollar (USDP), and trueUSD (TUSD).
Each transaction is said to be encrypted using end-to-end zero-knowledge encryption. This means that the transacting parties can see their transactional data. This is possible by its encryption that uses zero-knowledge proofs (a way of proving something without revealing sensitive information).
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The eUSD was the First Data-Protecting Stablecoin
MobilleCoin has announced eUSD as the first data-processing stablecoin. The stablecoin eUSD is built on the MobileCoin blockchain.
MobileCoin is optimized for mobile devices. The platform was originally designed for integration with the encrypted mobile messaging app, Signal. Consequently, eUSD will inherit the features of MobileCoin’s native cryptocurrency, MOB, although eUSD users will pay transaction fees (a flat $0.0026 per transaction) in eUSD and not MOB.
“To our knowledge, no project has created a native stablecoin with privacy properties, which is a first-class citizen in the ecosystem, and which never requires the use of ‘non-private’ transaction technologies to use normally. In short, no one has yet actually created a private digital dollar,” MobileCoin stated in the eUSD white paper.