Blockchain-based business processing network VeChain announced its new DeFi focused stablecoin, VeUSD. The project has hit the market after months of development, the company stated. In a tweet on Tuesday, January 04, 2021, VeChain said that VeUSD is the first stablecoin to be launched as the native token of the VeChainThor blockchain network.
In the official announcement, VeUSD is part of the platform ‘Growth Phase’ projected for 2022. This phase is expected to witness the maturity and practical adoption of various products and services developed within the VeChain ecosystem during the last five years. Further, the announcement mentioned that the launch of VeUSD will usher in a new era for the VeChainThor network.
VeUSD was developed by crypto fintech platform Stably and was onboarded by the open-source blockchain protocol CREAM. The stablecoin is expected to bring new functionalities for the VeChainThor community along with novel applications. Moreover, having been developed by Stably, VeUSD strictly attains the US and global regulatory compliance. This helps the platform is moving towards mainstream adoption.
What are Stablecoins?
Stablecoins are cryptocurrencies backed by conventional assets like Gold, Silver, US Dollar, and more. VeUSD, for instance, is pegged to the US Dollar, which means that the value of 1 VeUSD will always be equal to the value of 1 USD. The launch of VeUSD on the VeChainThor network is expected to push research and development on the network, primarily due to the VeChain hackathon aimed to incentivize the development of tools, new protocols, and new projects. Users will be able to pay for decentralized products and services across the globe using VeUSD
What are VeChain and VeChainThor?
VeChain is a blockchain network precisely focused on providing solutions to real-world economic problems. The network aims at streamlining business processes and information within a complex supply chain through blockchain technology. VeChainThor is the underlying public distributed ledger of VeChain. VeChainThor is powered by the activities carried out by the community members.
According to this Vechain forecast, VeUSD might be trading at 0.3 US dollars in one year as per the current momentum and VET price today.