VeChain releases VeUSD stablecoin on VeChainThor
VeChain announced the upcoming launch of VeUSD, which is the first native stablecoin of the enterprise-level VeChainThor Blockchain.
VeChainThor Blockchain is an open source platform maintained by the VeChain Foundation of Singapore.
According to the official announcement, after several months of development, stablecoins will come out. Although the report stated that VeUSD will be “launched on the mainnet soon,” it did not specify an exact release date.
The VeUSD stablecoin will be fully supported by the physical reserve of legal tender at a ratio of 1:1, and will be audited by Prime Trust, a Nevada chartered trust company. The VeChain team stated that it can be redeemed at any time.
With the launch of VeUSD, VeChain is expected to open the way for more new real-world cases, Web3 and the possibility of decentralized finance (DeFi), including similar.
The announcement stated: “Stable coins have endless application scenarios.” It also mentioned faster and easier cross-border payments and the ability to reach unbanked areas and users.
In addition to the release of VeUSD, VeChain also launched a hackathon to promote the development of tools, functions, and new protocols and projects on its VeChainThor blockchain.
The hackathon is expected to start in the next few weeks and reward participants with VeUSD stablecoins.
After the announcement, the price of VeChain’s main token, VET, soared by more than 9%. Since hitting a price point of $0.017 in early November, VET tokens have been struggling to grow.
VeChain is currently the 31st largest cryptocurrency by market capitalization.
on the other hand
- VeChain was originally a subsidiary of BitSE, which is one of the largest blockchain companies in China. Its relationship with the Chinese government is often seen as one of the biggest obstacles to VeChain’s wider adoption in Western markets.
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