MobileCoin Partners with Stablecoin Platform Reserve to Launch USD Stablecoin eUSD

Privacy-focused cryptocurrency and payments firm MobileCoin has partnered with stablecoin platform Reserve to launch a fully-collateralized U.S. dollar stablecoin, eUSD, CoinDesk reported. MobileCoin said eUSD is backed by a basket of other stablecoins, including USDC, USDP, TUSD. eUSD will be issued on the MobileCoin blockchain, and transactions will be encrypted end-to-end using zero-knowledge proof technology. The minting rights of eUSD are managed by the MobileCoin Foundation. The MobileCoin Foundation will elect "governors" responsible for minting and destroying eUSD. The governors will mint new eUSD after confirming that the collateral has been transferred to the Gnosis Safe multi-signature wallet. When destroyed, governors will send eUSD to the designated destruction address and release the collateral.