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Gungun Bhatia
Oct 10, 2022
by Gungun Bhatia

MobileCoin Introduces New Stablecoin Called Electronic Dollars (eUSD)

Electronic Dollars (eUSD)

Table of contents

  1. Support To eUSD
  2. Working Of eUSD
  3. KYC And Anti-Money Laundering (AML) Rules
A new stablecoin called Electronic Dollars (eUSD) was introduced by the privacy-focused cryptocurrency and payments company MobileCoin in association with the stablecoin platform Reserve. The business claims that eUSD is designed to safeguard consumers' confidential transactional data and is entirely collateralized.

Support To eUSD

MobileCoin claims that eUSD is supported by a group of stablecoins, including USD Coin (USDC), Pax Dollar (USDP), and TrueUSD (TUSD). Additionally, every transaction uses end-to-end zero-knowledge proof to encrypt data.

The MobileCoin blockchain, said to be mobile device-optimized, serves as the foundation for the stablecoin Electronic Dollars (eUSD). According to reports, MobileCoin was initially designed to be integrated with the Signal mobile messaging program, which offers encryption. Therefore, eUSD will carry over MOB's functionalities. However, users of eUSD will pay transaction fees in eUSD rather than MOB.

Working Of eUSD

The MobileCoin Foundation serves as the principal governing organization for the eUSD, which appears to have a centralized governance structure. The foundation chooses authoritative governors to create and destroy Electronic Dollars.

The collateral for the stablecoin is maintained in Safe, a well-known Ethereum multi-signature wallet. Governors only approve the creation of a new eUSD after verifying an equivalent sum of collateral's successful delivery to the Safe wallet.

KYC And Anti-Money Laundering (AML) Rules

The KYC and AML rules are reportedly in place on and off-ramps, even though Electronic Dollars depend on end-to-end zero-knowledge proof encryption to keep operations confidential. According to MobileCoin's CEO and creator, Joshua Goldbard, all on-ramps and off-ramps have complete KYC and AML. Peer-to-peer networks are the only places where users have privacy. He further stated,

"I think the biggest thing that we would love for you to take away from this conversation today is that we're building a data-protecting cryptocurrency that also complies with the law."

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MobileCoin Reserve Electronic Dollars (eUSD) encrypt data
MobileCoin Introduces New Stablecoin Called Electronic Dollars (eUSD)
Gungun Bhatia
Gungun is an enthusiastic writer that likes to create content for various aspects of the blockchain and crypto industry. She carries out extensive research and provides readers with informative and high-quality material.

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