Bybit launches BTC Brawl trading competition
·

Carbon is the first fiat-backed stablecoin to launch on TRON

Carbon is the first fiat-backed stablecoin to launch on TRON

TRON partnered with Carbon, a New York City-based startup, to launch the first fiat-backed stablecoin on the network.

TRON announced that Carbon’s “TRXD” would be the first stablecoin to launch on the TRON blockchain. Each TRXD is FDIC-insured and backed one-to-one by U.S. dollars.

The move is meant to reduce the friction for payments for in-app purchases on the TRON network. According to Justin Sun, founder of TRON and CEO of BitTorrent:

“We are excited to collaborate with all partners to launch user-friendly stablecoins on TRON. These are important milestones for making TRON more accessible to mainstream users.”

Unlike Tether’s USDT, which is difficult if not impossible to redeem, users can purchase and redeem TRXD on TRON via the Carbon website. New TRXD can be minted via ACH or wire transfer.

According to Sam Trautwein, co-founder and CEO of Carbon:

“Our goal is to build products that people use. TRON shares an unwavering loyalty to both growth and adoption. We’re excited to join forces to bring stability to a more mainstream audience in launching a fully fiat-backed stablecoin on TRON.”

In March, TRON announced it would partner with Tether to create a “TRC20” based fiat-backed USDT on its platform. Soon afterwards, iFinex, Tether’s parent company, was embroiled in a scandal around the loss of $850 million in customer funds and the partnership fell by the wayside.

CryptoSlate reached out to Sam Trautwein on what differentiates Carbon from other stablecoins.

“Most groups the plan is to try and get to a couple billion in stablecoin and camp on interest you make off it. For us, we’re okay offering stablecoins at a loss, indefinitely, as we invest more heavily in solving the more immediate problems in the space.”

Elaborating on what those “more immediate” problems are, those are the fiat on-ramps and conversion gateways between fiat and cryptocurrency. As said by the Carbon CEO:

“We want to give everyone in the space is the ability to move fiat and digital assets anywhere [in crypto]. Any dApp, wallet, or exchange, without having to go through KYC more than once, without having to wait 10 days for funds to clear, without having to go to your bank and commit a wire transfer. We want to give crypto to where people are now.”

Posted In: , Stablecoins

The above advertisement is an affiliate link. CryptoSlate will earn a small commission if you sign up.

Like what you see? Subscribe to CryptoSlate

Get our daily newsletter containing the top blockchain stories and crypto analysis straight to your inbox.

Sign up to stay informed
Mitchell Moos
Author

Mitchell Moos

Contributing Analyst @ CryptoSlate

Mitchell is a software enthusiast and entrepreneur. His first startup built algorithms for optimizing cryptocurrency mining. Prior to CryptoSlate, Mitchell was a project manager at a firm that built distributed software on Hyperledger. In his spare time he loves playing chess and hiking.

View author profile

Commitment to Transparency: The author of this article is invested and/or has an interest in one or more assets discussed in this post. CryptoSlate does not endorse any project or asset that may be mentioned or linked to in this article. Please take that into consideration when evaluating the content within this article.

Disclaimer: Our writers' opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.