For financially-focused decentralized technology to realize its full potential, it must be interoperational with the traditional system. Public Mint is a fiat-currency-native blockchain ecosystem that allows anyone to seamlessly interact with fiat currencies using blockchain technology, bringing together the best of both worlds.
Using the platform, anyone can create blockchain applications that work directly with fiat. Public Mint also enables everyone from individuals, businesses, applications, companies, banks, NGOs, and more to easily accept and pay with fiat currencies using blockchain technology. This introduces the fast, cost-effective, borderless, permissionless, and verifiable nature of blockchain transactions to centralized government currencies, ushering in a new era of greater financial compatibility.
Unpacking Public Mint’s Earn Application
Public Mint is preparing for the launch of its first application, Earn, and will host a slew of fiat-based blockchain applications as more platform development takes place. Using Earn, anyone can deposit fiat-backed funds into the application in order to earn through CeFi and DeFi platform partners. Public Mint’s Earn is able to offer APYs that are entirely unheard of within the traditional banking sector, rewarding the platform’s end users.
Earn is essentially a banking alternative, as simple and intuitive to use as any digital banking application. When a user deposits value into Earn, their deposit is assigned to Public Mint’s different partners to generate earnings. The user has access to their principal and generated earnings at any time, with all withdrawals taking place in the person’s local fiat currency. Currently, Public Mint facilitates transactions with synthetic tokens backed by USD, GBP, and EURO, but it will continue to add more options.
Earn is fully regulated by the FDIC, meaning each user’s account is insured for up to $250,000. In addition, Public Mint has set up its own discretionary insurance pool through a partnership with risk coverage platform Bridge Mutual, protecting against loss of funds from any exploits that one of its CeFi or DeFi partners may experience. When asked about offering risk coverage to user funds, Public Mint CEO Paul Rodrigues stated, “Crypto service providers have a responsibility to help protect their customers against exploits, and we commend Public Mint for taking this seriously by offering built-in digital asset coverage on their new Earn platform.” Earn has all bases covered.
Any user can also stake MINT on the platform, the native cryptocurrency of the Public Mint blockchain, to receive even greater rewards. MINT distributes a portion of all fees generated on the platform to token holders, adding to its value.
How Public Mint Created a Fiat-Based Blockchain
Every public blockchain network needs at least one native cryptocurrency to provide an incentivization structure for network validators and users. Public Mint is one of the first blockchains that will offer native fiat-backed tokens. This is made possible through the collateralization of assets via regulated institutions that allow Public Mint to create one-to-one synthetic tokens pegged to the fiat currency. Since each token is fully collateralized and accounts are regularly audited, users can safely verify that the underlying value the token is supposed to represent is legitimate.
The Public Mint platform is governed by the community of MINT holders, giving stakeholders the decision-making power on how the network will continue to evolve moving forward. As a decentralized fiat alternative, this governance system will allow the community to look out for its own best interests.
Within previous earning-bearing accounts, third parties had full control over deposit amounts, the ability to withdraw funds, and more; through Public Mint, all that power is returned to the users who actually benefit from the network, creating a powerful symbiotic system.