Carbon Launches A Fiat-Backed Stablecoin
Carbon, the company making fiat to crypto simpler, announced that it has launched a fiat-backed stablecoin, CarbonUSD, on the Hedera Hashgraph next-generation public distributed ledger.
CarbonUSD (CUSD), is a regulated fiat-backed stablecoin where users can deposit and withdraw real USD. To mint new CUSD tokens, users can make fiat deposits via ACH or Wire Transfer. Frequent third-party attestations by leading auditor Cohen & Co. verify publicly that each token is backed 1-to-1 by escrowed funds in FDIC-insured accounts.
CUSD has now been listed in Carbon’s fiat on / off ramp API – Carbon Fiber – which offers the best rates and fastest delivery in the industry for credit and debit purchases of crypto-assets, with the following key features:
- Low fees: 2.99% or $2 minimum fee for purchases with Visa, MasterCard, and Apple Pay. No hidden spread fees. No fee for ACH and Wire deposits to mint CUSD, and 0.1% for withdrawals.
- Widespread support: Pay via credit/debit with 184 fiat currencies from over 100 countries globally.
- Fast settlement and on-boarding: Crypto transfers are initiated within seconds of card purchase authorization. Enter your payment details, authorize purchase, and see HBAR-CUSD settle in the recipient’s wallet address all within 20 seconds.
- Fiat off-ramping and merchant dashboard (New): Accept CUSD or other cryptocurrencies, instantly convert to your local fiat currency. Supported off-ramps include SEPA and PayPal, with more methods launching soon. Track analytics including volume and transaction success rate via our merchant dashboard.
By offering integration of Fiber to distributed applications (dApps) on the Hedera Hashgraph platform, projects that choose to accept payment in CUSD or HBAR will be able to onboard customers from within their own ecosystem. Carbon handles all chargeback risk, liquidity management, and the optional KYC process for increasing user purchase limits.
“We believe Fiber’s payment rails and overall user experience coupled with CUSD on the Hedera platform, which enables settlement in seconds with micro-cent transaction fees, even when sending the stablecoins across borders and to unbanked recipients, will make applications that leverage these features very intuitive for mainstream users,” said Miles Albert, Co-founder and Chief Strategy Officer at Carbon.
“In addition, the Hedera network’s ‘fork-resistance’ with its council governance model gives assurance to counterparties who use CUSD within a smart contract agreement that their tokens will never fork along with a competing version of the Hedera ledger, in which case there would be two versions of CUSD but only one version with 1-to-1 fiat redeemability. Fork-resistance, therefore, may become a required property for many owners of asset-backed tokens,” Albert noted.
“Stablecoins play a crucial role in the distributed ledger ecosystem,” said Jordan Fried, SVP of Business Development for Hedera Hashgraph. “We are excited that Carbon has chosen to launch CarbonUSD on the Hedera network, and will be providing dApps the ability to integrate with Fiber, to offer a broader variety of payment options to customers using the network.”