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Vitalik Buterin

Carbon startup announced launch of new USD stablecoin

Carbon blockchain startup has announced in its blog the launch of a new USD-pegged stablecoin called CarbonUSD, that’s set to be «compliant». It’s initially available to traders, institutional investors, hedge funds, and exchanges.

Carbon representatives revealed through a press release that it’s looking to get the cryptocurrency listed on exchanges, presumably to help it challenge the dominance of Tether’s controversial stablecoin USDT. They also stated that ERC-20 based token is available for institutional investors, hedge funds, traders and exchanges on September 12.

Despite the recent launch of Gemini Dollar and Paxos Standard stablecoins, Carbon team believes that its coin will gain popularity due to its uniques algorithmic model.

It is been reported that the developers are planning to transfer it to this new model when CarbonUSD reached $1 billion capitalization.

The project’s chief marketing officer, David Segura, explained that Carbon spent a lot of time working with Prime Trust – a blockchain-driven trust company – to make sure that the «legal side» was thoroughly thought out. Investors wishing to purchase CarbonUSD will need to do so via fiat currency deposits with Prime Trust, according to the release.

Carbon representative noted that the coin is based on Ethereum blockchain but the company is willing to consider other «efficient and quicker options».

Back in April, Carbon was able to secure $2 million in seed funding from investors such as General Catalyst, Digital Currency Group and FirstMark Capital.

Earlier Barry Eichengreen, Professor of Economics and Political Science at the University of California, Berkeley, stated that stablecoins only seem to be attractive for investors.