The U.S. dollar-pegged crypto token CarbonUSD has just launched as the first stablecoin on the EOS platform.
The token's developer, Carbon, announced the news in a press release Friday, adding that it believes making theÂ token interoperable across "key" blockchain networks will provide "most value for the crypto industry in the long-term."
CarbonUSD,Â which has been live on ethereum for two months, can now be transferred onto the EOS blockchain, giving users "even lower fees and faster settlement than on ethereum," according to the firm.
Carbon also offers a portal that provides users the facility to interact with their EOS application, and includes native smart contracts for "one-to-one redemption from tokens into real USD."
Sam Trautwein, CEO and co-Founder of Carbon said:
"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."
Institutional investors, hedge funds and exchanges will get early access to the token, the release adds, with fiat currency deposits at Carbon's partner bank, Nevada-based Prime Trust, being used to create new CarbonUSD tokens.
"Stablecoins, as an asset class, are the next big thing in crypto and will lead to a new bull market in the next 6-18 months," said Sam Kazemian, co-founder of Everipedia, a decentralized encyclopedia and distributed app maker that has built on the EOS blockchain.
The company launchedÂ the ethereum-based version of the token in September. Although it arrived as a number of other stablecoins, such as the Gemini dollar and the Paxos standard, hit the markets, Carbon said at the time it believes the coin's unique algorithmic model will eventually set it apart from its rivals.
Arrows image via ShutterstockÂ