e-Money and Osmosis Team Up to Make eEUR the First Stablecoin to Be Listed on Osmosis AMM Decentralised Exchange

on

Most active DeFi participants have probably heard about Osmosis by now. The Cosmos Hub-based AMM platform has skyrocketed to over $500 million in Total Value Locked and built a global community of passionate supporters. Now, Osmosis is advancing to its next milestone by partnering with e-Money, a popular blockchain-based payment platform, to introduce eEUR as the first stablecoin to be listed on the project’s AMM decentralized exchange (DEX).

This marks an important step in helping onboard the next wave of DeFi users that might be waiting to participate with a stable currency they are comfortable with and currently have access to. It is also important for the Cosmos ecosystem, which has seen a significant uptick in new participants throughout September.

For market participants, access to stablecoins in DeFi has been an important bridge. In 2020 alone the aggregate market value of Ethereum-based stablecoins increased by 95.38% to reach $6.25 billion. However, the current stablecoins on the market are either collateral backed or algorithmic, each method comes with its own weaknesses,  which e-Money’s innovative stablecoin aims to address by:

  1. Being fully backed by bank deposits and government bonds
  2. Offering multi-currency support, eventually supporting all major global currencies
  3. Being interest-bearing in nature, with both positive and negative interest rates
  4. Having the capability of immediate finality and settlement on the e-Money chain
  5. Near-zero transaction fees
  6. Transparency through quarterly Ernst & Young audits to provide proof of funds

The integration of eEUR in Osmosis DEX took place shortly after e-Money’s mainnet V3 upgrade on September 20, 2021. After their successful mainnet upgrade, e-Money’s native token ($NGM), as well as stablecoins (notably eEUR), are available on Osmosis and the Cosmos Hub. Additionally, eEUR liquidity pools are being established on Osmosis Dex.

More information about the integration can also be found on e-Money’s official channels.

 

Image by Clker-Free-Vector-Images from Pixabay

by Bitcoinist via Bitcoinist.com

Comments

Post a Comment