MobileCoin Launches Data Protection Stablecoin | PYMNTS.com
Cryptocurrency and payments firm MobileCoin has teamed up with stablecoin platform Reserve to create a new stablecoin called Electronic Dollars (eUSD), which will focus on protecting users’ private transaction data, Coindesk wrote.
eUSD is backed by a number of other stablecoins such as USD Coin, Pax dollar and trueUSD, with all transactions encrypted with end-to-end zero-knowledge encryption so that only the transaction parties can see their own data.
It is built on the MobileCoin blockchain, which can be used with mobile devices. MobileCoin was originally created to be integrated with encrypted mobile messaging app Signal.
eUSD will rely on a centralized governance structure with the MobileCoin Foundation as the main governing body that will elect governors who will be able to mint and burn the stablecoin.
Meanwhile, Blockwater Technologies has defaulted on its loan to TrueFi because it has missed a scheduled payment on a loan of 3,419,190 Bitcoin, a TrueFi blog said.
Rather than increasing the loan interest rate, TrueFi ultimately decided that a potential court-supervised administrative proceeding would provide a better outcome for stakeholders due to the complexity surrounding the insolvency.
Blockwater Technologies had completed eight payments totaling $654,405 at press time.
TrueFi’s services offer loans and have protection against default. As of October 10, the company facilitated nearly USD 140 million in active lending across 10 loans.
Finally, Binance’s head of communications Patrick Hillmann said that validations on crypto platforms have improved their methods to stop hacks, Coindesk wrote.
There was a hack on the BNB Chain, a blockchain closely linked to Binance, last weekend, but Hillmann said it ultimately could have been worse than it was.
The hackers got about $100 million, but they could have gotten away with as much as $570 million. Hillmann said that even with more sophisticated attacks underway, “the communities that rally around these blockchains are getting much better at shutting them down quickly, updating their systems and being able to prevent the worst-case scenario from happening.”
New PYMNTS study: How consumers use digital banks
A PYMNTS survey of 2,124 US consumers shows that while two-thirds of consumers have used FinTechs for some aspect of banking, only 9.3% call them their primary bank.
