Leading Wallet Provider EOS Lynx, part of WorkToken Limited announced today that it has created the first US Dollar (“USD”) backed StableCoin issued on the EOS blockchain. “USDE.”
The new StableCoin will be fully redeemable at any time by token holders, with USD backing the tokens held by a third-party trustee, Prime Trust. All funds will be held for the benefit of token holders, fully insured and subject to inspection by Lynx’s outside auditor. New creations and redemptions will be subject to Prime Trust’s rigorous AML and KYC practices.
USDE will be available with a target date of November 30, and will be integrated into the EOS LYNX wallet as well as into the WorkCoin freelance work platform.
“We have worked together to create USDE because we needed a cryptocurrency with no volatility for our soon to be released, WorkCoin marketplace, and our highly successful EOS Lynx wallet” said Fred Krueger, the CEO and Founder of Needly Inc, which is the platform provider for WorkToken Limited.
“The EOS ecosystem is in need of a USD StableCoin” said Scott Purcell, CEO, Prime Trust. “We’re happy to work with Lynx to ensure market integrity of assets and to further the adoption of stable, fiat-backed cryptocurrencies.”
USDE will be rolled out in stages, first as a coin available on select EOS DEX exchanges and redeemable on demand, and then later as fully integrated into the Lynx desktop and mobile wallets.