.mobilecoin and reserveprotocol just launched “Electronic Dollars” (eUSD), a new privacy-focused stablecoin. Here’s what you need to know about it. FrederickMunawa reports.
. New eUSD is only minted after governors confirm an equivalent amount of collateral has been transferred to the Safe wallet.
However, everyday users won’t typically engage in burning and minting. An individual seeking eUSD would simply purchase it on an exchange. Approved liquidity providers would be the ones minting large amounts of eUSD. “We're also standing up an auditor that will let you see for yourself all the wrapping and unwrapping events, and see that the total supply is the same on both blockchains,” Holtzman said.
“We'll release it all open source. So if you want to run your own copy [of the reserve auditor], you can. You can examine it to make sure we really are backed exactly as we claim,” Holtzman told CoinDesk.Since eUSD is backed by assets that exist on other blockchains, a bridge connecting MobileCoin to those other blockchains is required. The eUSD collateral is held in Safe, which is an Ethereum smart contract.
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