A Stablecoin is a crypto asset that is able to act as a stable store of value to reduce the huge risk generate from excessive fluctuations in cryptocurrencies.
In the long bear market of crypto, lots of Stablecoins have sprung up. More and more people choose Stablecoin as a means to avoid risks and maintain investment stability.
As the first representative of Stablecoin, USDT is extremely popular among crypto investors and exchanges. But it is still called a ticking-time-bomb.
Therefore, Stablecoins which are more stable than USDT is needed by the market on the road of waiting for the bull market. Represented by the exchanges, various institutions are releasing its Stablecoin and join the battlefield of Stablecoins.
A new challenger of USDT — — Epay USD(EUSD)
According to statistics, there are currently 57 Stablecoins on the Blockchain.
TUSD,USDC,GUSD and PAX are most well known by users. They are trying to challenge the position of USDT in different ways.
Recently, a new Stablecoin Epay USD(EUSD) launched by Epay, an international third-party payment company catches the attention of lots of people. It has been listed on Nearex and Bithunex exchanges in the early January at the time it is released.
Epay is a third party payment company. Unlike most cryptocurrency projects, it does not have any strong exchange background. But in the past 4 years, it has been dedicated to providing cryptocurrencies(Mainly USDT) exchange, payment gateway，global online money transfer, and currency exchange service to users all over the world. As the direct partner of Tether, Epay has been offering cheap and fast USDT deposit and withdraw service.
Epay USD(EUSD) can be said a derivative by Epay from many years’ experiences in financial and cryptocurrency industry. It is the official asset token of the platform and is strictly anchored in USD 1:1 ratio. In addition, EUSD will act as an accounting symbol in Epay Global Remittance Network to support the circulation value of itself.
EUSD, similar to USDT but different
- EUSD’s advantage in the issuance principle
USDT is issued on the Bitcoin blockchain via the Omni Layer Protocol. Omni is arguably the first 2.0 currency on the market based on the Bitcoin blockchain. Its disadvantage is that the network gets blocked easily and the handling fee is high, sometimes even up to 20 USDT. But the widespread issuance of the USDT does confirm that the blockchain does work in the international currency circulation scenario. However, EUSD is based on the ERC20 token standard on the ETH network, Which is faster and with lower commission.
- EUSD has a practical application scenario.it acts as a transaction medium in Epay Global Remittance Network.
Epay Global Remittance Network is a new service published by Epay to solve the high charge fee and low speed in cross-border payment.EUSD is playing a core role in Global Remittance Network. It is not only a transform and accounting tool to accelerate the transaction process, but also a trading asset between the exchangers circulating within the platform.
As shown in the picture above, supposing that a Filipino helper working in Hong Kong wants to send money to his family in the Philippines.
After the remitter creates a remittance order on Epay, Epay will automatically assign the order to the Hong Kong remittance company according to the order amount and rate. At the same time, Epay will freeze the EUSD amount which is equal to HKD on the remittance order.
Next, Epay will match another order to Philippines payment company. After the recipient receives the payment from the Philippines payment company, he is required to inform the remitter. Then the whole remittance process is completed. EUSD will be reduced from the Hong Kong remittance company’s account while increased in Philippines payment company account.
Every payment company(provider) has to deposit 50,000 EUSD to Epay as a margin so that ensure the security of the remittance process. EUSD accelerates the trading and circulation of funds, and also establishes its own circulation value, making cross-border remittances faster and safer.
EUSD can be said to be the first Stablecoin with financial application scenarios to support its value, which is the biggest difference point compare to USDT.
- The issuance supervision of EUSD has more legal and regulatory capabilities
Tether claims that every USDT token issued, they will back 1 US Dollars in their reserve account. But many people doubt that Bitfinex manipulates bitcoin prices through USDT and stated that Tether had no evidence to prove every USDT is backed by 1USD.
And the financial audit company Friedman LLP canceled the cooperation with Tether and a series of bugs caused the USDT price dropping in October last year, causing everyone to fall into persistent panic. EUSD seems to be more assurance than USDT.
As the first domestic international payment company. Epay has obtained financial service licenses in several major financial regions and accepts strict local financial supervision. Therefore, Epay has strong legal and regulatory capabilities in the issuance of EUSD.
According to information, to verify the transparency and legality of EUSD. So that EUSD holders have a full understanding of the issue, fund management of EUSD, Epay will employ an international well-known audit institution to regularly publish third-party audit reports.
- EUSD purchase method is faster and more convenient
If you want to buy USDT on Tether or Bitfinex you have to go through a very long period KYC certification process. And 3–7 days of remittance time left customers from the door. This is why Epay can be the largest deposit and withdraw provider of USDT in the world.
As a Stablecoin anchored with the US dollar like USDT, users can exchange between EUSD and USD at any time and anywhere with 1:1 fixed exchange rate too.
The KYC verification process is simple. Generally, it will be completed within 24 hours. Users can purchase EUSD within 1 day by Wire Transfer, and withdraw at any time. The handling fee is only 1EUSD. Users don’t have to worry about EUSD purchase problems anymore.
According to foreign media CCN, Tether’s market value was about 2.5 billion US dollars in September last year, and it is only 1.8 billion US dollars now, which has shrunk nearly 700 million US dollars! In the face of the growing market capitalization of USDC, PAX, and TUSD, and the challenges from more new Stablecoin such as EUSD in the future, can Tether remain its King position in the Stablecoin world?