Privacy-focused cryptocurrency and payments firm MobileCoin, in collaboration with stablecoin platform Reserve, has launched a new 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. In other words, only the transacting parties can see their own transactional data, thanks to encryption that uses zero knowledge proofs (a way of proving something without revealing sensitive information).
The stablecoin eUSD is built on the MobileCoin blockchain, which, according to MobileCoin, is optimized for mobile devices. Apparently, MobileCoin was originally designed for integration with encrypted mobile messaging app, Signal. Consequently, eUSD will inherit the...
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