Another stablecoin has hit the crypto market and this time it’s on Telos blockchain.
Telos on Monday announced its partnership with fintech company Carbon to launch its own USD-pegged stablecoin TLOSD.
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Per the announcement, the stablecoin will be available on exchanges that support Telos blockchain as well as Carbon API. Initially, the coin will be listed on two exchanges – Newdex and Vapaee – which support payments using debit or credit card, ApplePay, or bank transfers for the purchase of the tokens.
The company also detailed that purchases under $500 will exempt the traders from any know-your-customer (KYC) requirements.
“The partnership will open up enormous opportunities for applications on the Telos network that wish to use fiat currency,” Justin Guidici, CPO of Telos Foundation, said.
The USD-pegged coin also joined hands with crypto wallet provider CoolX for the storage of its token.
Launched in December last year, Telos provides governance on blockchain. It offers equitable voting on the blockchain for the up-gradation of smart contracts.
In addition to the support for stablecoin, Cabon will also provide market-making services to the coin for sufficient liquidity in the trading market.
“Our DApp will provide frictionless and global access to TLOS via credit/debit cards. Our stable coin TLOSD will provide a reliable store of value and medium of exchange on-chain in addition to direct fiat on/off ramps into and out of the Telos network. Telos has demonstrated truly decentralized networks can come together, get things done, and create real value,” Dan Shiferaw, a software engineer at Carbon, added.
A boom in stablecoin market
The lucrative stablecoin business is attracting many players to launch fiat-pegged tokens in the crypto market. Crypto exchange Binance recently revealed its under-development project to launch localized stablecoins pegged to fiats.
Facebook, on the other hand, its facing hurdles from global regulators for the anticipated launch of Libra next year. Meanwhile, retail giant Walmart filed a patent for a fiat-pegged digital currency in the US which can turn out to be a competition to Facebook’s Libra.