Announcing the first live, fully integrated USD StableCoin solution: Lynx + Carbon.
Today, Lynx users are going to be able to do what no prior crypto user has ever done — send and receive USD stable coins in seconds, fund them via bank accounts, and redeem them in wallet. For an added bonus, by end of week you will be able to take those same stable coins and swap them for EOS on DEXeos, one of several EOS integrated DEXs.
So let’s back up and take a look at the history of this partnership and why we think it’s important.
As many of you know, I became very seriously interested in stable coins about three months ago. I realized then that one of the key barriers to adoption for crypto was the raw volatility of the currency. EOS, ETH and BTC all fail as means of payment, as they all vary up to 10% in value over the course of a single day.
I got to meet Sam Trautwein, the CEO of Carbon as having one fiat based approach to this problem via a relationship with Prime Trust. EOS was not the first priority for Sam, and in an effort to get things moving, I started working on a Lynx stable coin in parallel. As I dug deeper however, I realized that doing a stable coin right was more important than just checking the box. Audit controls, compliance, ACH transfers and ultimately credit cards all fall into what you really want a stable coin to be. Sam is delivering on those.
On our side, we are now focusing entirely on the consumer wallet experience. Not only the token contracts needed to be supported flawlessly in the wallet, but we needed to integrate the buying and redemption of the stable coin via the Carbon Lynx dApp. I’m happy to see these are working great on iOS and Android. Desktop in progress.
The Carbon Lynx dApp
As you can see, I wired $1,000 to PrimeTrust via the Carbon link on Friday Dec 14. Once they receive the money (will be today as the wire missed the Friday deadline), they will send Carbon a “minting signal” and I will have 1,000 CUSD in my account.
The key here is that the CUSD is backed by fiat and audited monthly. Carbon has agreed to add a link to the monthly audits by Cowen and Company. This is the kind of compliant, trustworthy environment I want to hold my “ready cash”.
Trading Carbon in DEXs
As mentioned above, Carbon will be trading on at least one EOS DEX (DEXEOS) in the very near future. This means that if you buy Carbon through Lynx you can easily move that money into EOS and use it in apps that are EOS based.
As we mentioned above, what this is a significant milestone for the entire crypto industry:
I can now send Carbon to anybody, anywhere in the world in just a few seconds. If they have access to a USD bank account, then after they pass KYC they can redeem the Carbon for cash
Note that even if you don’t have a USD bank account, if you know someone who can take the Carbon payment for you, and pay you your local currency, you are also good. We think that a number of affiliated banks (see the Xoom payment network) could act in this capacity, down the road.
We at Lynx are incredibly bullish on compliant, USD EOS stable coins, of which Carbon is now the clear leader. We will continue to build out the functionality of our wallet, and integrate Carbon into as many dApps as possible, including our upcoming WorkCoin app, which we launch Q1.