e-Money recently announced its partnership with Fuse Network.
The partnership between Fuse Network and e-Money is centered around accelerating the mainstream adoption of stablecoins. With this partnership, e-Money will be able to integrate its stablecoin suite to the Fuse Network.
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— e-Money (@emoney_com) April 1, 2021
Bringing e-Money’s Stablecoins to Fuse Network
Fuse is collaborating with e-Money to enable users to move their e-Money stablecoins to the Fuse Network. This can be done by creating a bridge that will link Fuse Network to the e-Money protocol. Once the bridge has been created, all of e-Money’s stablecoins will become available to users on the Fuse Network.
This presents a wide range of use cases for e-Money’s stablecoins on the Fuse ecosystem and other Fuse products like FuseSwap, Fuse’s native decentralized exchange. Trading pools can be created on FuseSwap using e-Money’s stablecoins. In this case, liquidity mining programs can be run to enable the stablecoins to carry out liquidity provider activity.
Martin Dyring-Andersen, founder and CEO of e-Money, says, “We are happy to partner with Fuse Network, as we are huge proponents of financial inclusion. Our collaboration will also be looking to bring together and connect our two communities while exploring Fuse Network’s payment communities.”
Improving Accessibility to Stablecoins
In recent times, cryptocurrencies have experienced rapid growth in the financial market. However, their role in the global payment system is still relatively marginal, especially relating to stablecoins. Popular stablecoins like USDC and USDT are yet to gain massive adoption in the global payments systems.
These stablecoins have become limited in many ways because only the U.S. dollar has backed them, which can limit their usability depending upon what part of the world the user is operating in. With this new collaboration, stablecoins can expand their reach to a greater number of users. Once stablecoins become available to Fuse users, e-Money will gain access to fast-growing communities that are centered on payments.
“e-Money has established itself as one the most innovative global providers of compliant stablecoins and crypto payments. We are also excited by this new collaboration which will open the door to bringing e-Money’s products to Fuse Network’s payment communities,” said Fuse Network CEO Mark Smargon.
e-Money Assets as Backing for Stablecoins
While the e-Money stablecoins are to be integrated into the Fuse ecosystem, Fuse also has its own native stablecoins. With this partnership, Fuse hopes to leverage e-Money assets as a backing for the issuance of these native stablecoins.
Fuse Network introduced an asset-backed stablecoin known as FuseDollar in mid-February. This stablecoin will be specially developed for first-time users. As a 1:1 USDC-backed stablecoin, FuseDollar (fUSD) is set to provide a medium of exchange that will be easy to use and highly-requested.
This stablecoin will boost the Fuse ecosystem and will be exchanged as a medium of payment for communities that have been built on the Fuse Network. There is also an ongoing plan to release a direct fiat to FuseDollar on-ramp.
The e-Money stablecoins suite, in addition to the FuseDollar, can help propel greater adoption of stablecoins for global payments.
As of the time of publication, Fuse price was $0.313713 with a 24-hour trading volume of $57,149. FUSE price also rose up by 2.5% over the last 24 hours. Besides, it has a circulating supply of 64.6 million FUSE coins and a max supply of 306.4 million. Uniswap (v2) is also the current most active market trading FUSE.
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