Today in Crypto: MobileCoin Debuts Data-Protecting Stablecoin; Blockchain Hackers ‘Could Have Gotten More,’ Binance Exec Says

Cryptocurrency and payment firm MobileCoin has teamed up with stablecoin platform Reserve to make a new stablecoin called Electronic Dollars (eUSD), which will focus on protecting users’ private transactional data, Coindesk wrote.

eUSD is backed by numerous other stablecoins such as USD Coin, Pax dollar and trueUSD, with all the transactions encrypted with end-to-end zero-knowledge encryption, so that only the transaction parties can see their own data.

It’s built on the MobileCoin blockchain, which can be used with mobile devices. MobileCoin was originally made to be integrated with encrypted mobile messaging app Signal.

The eUSD will rely on a centralized governance structure with MobileCoin Foundation as the main governing body that will elect governors who will be able to mint and burn the stablecoin.

Meanwhile, Blockwater Technologies has defaulted on its loan to TrueFi over missing a scheduled payment on a 3,419,190 Bitcoin loan, a blog from TrueFi said.

Instead of increasing the borrowing rate, TrueFi ultimately decided that a potential court-supervised administrative proceeding would make for a better outcome for stakeholders due to complexity around the insolvency.

Blockwater Technologies had completed eight payments totaling $654,405 as of press time.

TrueFi’s services offers loans and has protections against default. The company as of Oct. 10 was facilitating almost $140 million of active lending across 10 loans.

Finally, Binance chief communications officer Patrick Hillmann said validations on crypto platforms have been improving their methods of stopping hacks, Coindesk wrote.

There was a hack on BNB Chain, a blockchain closely connected to Binance, this past weekend, but Hillmann said it could’ve ultimately been worse than it was.

The hackers got around $100 million, but they could’ve gotten away with as much as $570 million. Hillmann said that even with more sophisticated attacks going on, “the communities that rally around these blockchains are getting much better at shutting them down quickly, updating their systems and being able to prevent a worst case scenario from happening.”