MXC brings the first Stablecoin to the Billion Dollar IoT Market
The MXC Foundation is thrilled to unveil the much anticipated XUSD - a first-of-its-kind stablecoin that utilises pegging to physical goods to promote enhanced stability.
Designed to bring additional value to the MXC community’s DataDash journey, XUSD is set to launch exclusively on DataDash in 2023.
While XUSD has multiple layers of benefits, one of the biggest advantage of it is its unique peg structure. Unlike algorithmic stablecoins that rely on a relationship to a non-stable, yet high-utility asset, and unlike other stablecoins that focus on maintaining value via FIAT currency treasury, XUSD pegs itself to a list of pre-approved physical goods. This new approach allows for XUSD to maintain its stability without having to rely on opaque treasury. Moreover, as XUSD adjusts itself based on the depreciation of the physical goods used as backing, the stability is improved by reflecting true value of the goods at all times.
The proposed transparency of XUSD also brings 100% fully backed liquidity to the users. As DataDash users will discover, anyone that obtains the physical goods in the pre-approved list of partner products will be eligible to use those goods to mint XUSD that correlates to the true value of the user’s goods. This decentralised approach brings more power to the wider community as it makes the need for a central minter obsolete.
XUSD will be showcased in 2023 on DataDash, and the MXC Foundation with its partners look forward to providing additional value and decentralisation to the MXC community.