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The collaboration will be aimed at creating a bridge from the e-Money protocol to Fuse, which will allow users to move e-Money stablecoins to the Fuse ecosystem.
Despite the fact that cryptocurrencies have been in existence since 2009, and have enjoyed enormous growth, they still play a relatively marginal role in the global payment system. Even the most popular stablecoins such as USDT and USDC have not yet bucked this trend. In addition to this, those stablecoins are only backed by the U.S. dollar which limits their usability in many jurisdictions.
How e-Money Works
e-Money is an international blockchain-based electronic payment and asset issuance system. It revolves around a range of fully compliant currency-backed stablecoins that currently support the Euro (EUR), Swiss Franc (CHF), Swedish Krona (SEK), Norwegian Krone (NOK) and the Danish Krone (DKK). e-Money is currently working on adding tokens backed by a range of other global currencies to the list.
In contrast to the assets like USDT and USDC e-Money’s stablecoins are built to be interest-bearing. This is achieved by placing e-Money assets’ collateral into bank deposits or investing this collateral into government bonds. In doing so, this collateral will accrue interest which will, in turn, be reflected in the price of the asset backed tokens themselves. You may consult the e-Money whitepaper for a more detailed explanation.
e-Money’s stablecoins are issued and transacted on the e-Money’s own custom blockchain built on top of the interoperability-focused Tendermint protocol. Like Fuse, e-Money puts a multi-chain future and interoperability at the core of its vision, hence it has been building bridges from its native chain to other chains including Polkadot, Avalanche and Ethereum.
How Fuse will Integrate with e-Money
The principal objective of the collaboration between Fuse and e-Money is to bring e-Money’s suite of stablecoins over to the Fuse ecosystem. A bridge will be built between e-Money and Fuse, after which all of e-Money’s stablecoins will be easily available to users on Fuse.
The integration will greatly expand the choice of stablecoins available to Fuse users and will give e-Money access to a vibrant and rapidly growing ecosystem of payment-centric communities. Fuse will also explore the possibility of using e-Money assets as a backing for issuing Fuse-native stablecoins in addition to the USDC-backed FuseDollar as part of the FuseX stablecoin suite.
It will also be possible to use e-Money’s stablecoins to create trading pools on Fuse’s native DEX FuseSwap and run liquidity mining programs to facilitate liquidity provider activity within them. They can also be integrated in the future lending and other DeFi protocols on Fuse and used to back tokens minted via Fuse Studio. The e-Money blockchain may also be supported by the Fuse mobile wallet infrastructure.
We are happy to partner with Fuse Network, as we are huge proponents of financial inclusion. Our collaboration will be looking to bring together and connect our two communities while exploring Fuse Network’s payment communities.
Martin Dyring-Andersen, Founder & CEO of e-Money
e-Money has established itself as one the most innovative global providers of compliant stablecoins and crypto payments. We are excited by this new collaboration which will open the door to bringing e-Money’s products to Fuse Network’s ecosystem.
Mark Smargon, CEO at Fuse
About e-Money
e-Money pioneering blockchain sector’s first interest-bearing stablecoins
The e-Money protocol is built for the issuance of a range of interest-bearing currency-backed stablecoins reflecting various world currencies. Each token is backed by a reserve of assets denominated in its underlying currency. e-Money currently supports the Euro (EUR), Swiss Franc (CHF), Swedish Krona (SEK), Norwegian Krone (NOK) and the Danish Krone (DKK) with a host of additional currencies pegged for release in 2021. The project is dedicated to total transparency with quarterly reserve audits performed by Ernst & Young.
Unlike most existing stablecoins which aim to maintain a static 1:1 peg with their underlying assets, the value of e-Money’s currency-backed tokens continually shifts in line with the interest accrued on the reserve assets. This means that holders benefit from the interest accrued on their assets while they sit securely in your wallet. The e-Money blockchain supports instant payments at scale and includes a DEX for easy conversion between currencies. e-Money expects to integrate with Cosmos Hub, Ethereum and Avalanche in the first half of 2021.
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About Fuse
Fuse Network is a scalable platform for token-using applications built upon an Ethereum-compatible proof-of-stake blockchain. Its key features are Fuse Studio, and the upcoming Fuse Cash consumer-facing payment wallet. True to its mission of bringing blockchain-powered transactions to the masses, Fuse enables the rapid creation of communities around customized tokens. Among the projects already running on Fuse are GoodDollar and Wikibank.
We are thrilled by the important collaboration with a leading international crypto payment and stable asset provider and hope that it will supercharge the growth of our respective communities.
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