On August 4th the launch of the first stablecoin built on top of eCash was announced by its issuer, Nakamoto Financial LLC, a USA regulated company that aims to build a thriving payment business in Saipan. For this stablecoin the company utilizes the eCash token solution that is better known as eToken. eCash NEWS Today reported earlier this week about the launch of RaiPay, at which time developer Tobias Ruck also revealed the plan to launch a full payment ecosystem on top of the eCash blockchain.
This has now started to materialize with yet another block falling into place for this plan. The new stablecoin is called RaiUSD (USDR), referring to one of the first documented types of money, the Rai stones that were used in Micronesia. But in contrast to this ancient form of money, RaiUSD seeks to solve one of the biggest problems when using cryptocurrencies as a means of payment: volatility.
There are many stablecoins present in the market. USDT, USDC, BUSD, PAX and TUSD are well known examples of such products. However, due to their specific characteristics, none of these currencies check all the boxes needed for them to be used by this project. Nakamoto Financial stated:
“Either a stablecoin lacks robust payment protocols, its network fees are too high, or the on/off ramps are too expensive and inconvenient. RaiUSD was built to solve these problems.”
While the team of Nakamoto Financial does not rule out a future extension, it is currently only focused on serving a local market: the Saipan territory. Ruck, part of the RaiPay team stated:
“We're currently not focusing on the international market with our stablecoin until we're bigger and established sufficient trust.”
Building on eCash
“We chose the eCash blockchain as the ideal choice due to its scalable network, excellent community, and competent and well-funded developer team. eCash allows consumers and merchants to securely make payments in seconds.”
This is one of the first commercial systems that has been built on top of the eCash blockchain and released since the eCash rebranding and redenomination. It enjoys immediate support from the developers of the currency. Bitcoin ABC stated:
“We look forward to helping foster their growth and providing stable high-performance infrastructure for them to build upon. This is a vote of confidence for the budding eCash ecosystem,”
With their well defined and thought out use cases aimed at serving the people and businesses of Saipan while promoting the adoption and use of cryptocurrency, RaiUSD and RaiPay are a great example of things to come for the eCash project and network.