VeUSD is VeChainThor’s First Stablecoin

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Key Takeaways:

  • VeUSD is VeChainThor’s first stablecoin.
  • The introduction of a completely native stablecoin expands VeChainThor’s options.
Veusd Is Vechainthor'S First Stablecoin
VeUSD is VeChainThor’s First Stablecoin

VeChain announced today that the contract for VeUSD, VeChain’s first native stablecoin, will shortly be live on mainnet, ushering in a new era for VeChainThor, following months of work.

With the global goals and ambitions in mind, they are launching the stable token at the start of 2022 which corresponds to the projected ‘Growth phase,’ a period during which the technical maturity of the products and services that they have developed over the last five years begins to translate into faster real-world adoption.

Positive developments in the global regulatory climate, as well as a better awareness of the value proposition of blockchain technology, are paving the way for the field’s rapid expansion.

VeUSD, a stablecoin developed by Stably and issued by Prime Trust, a Nevada-chartered trust corporation situated in the United States, promises to open up new applications and functionality for both community and industry partners.

The VeChainThor blockchain can store critical information from throughout the data trail and issue payments based on established parameters. For example, verifying the recovery of a specified weight of waste material from an environment using compatible IoT technology and processes certified by worldwide compliance bodies.

One of the advantages of the Stably Prime platform is how simple it is for users to mint and burn VeUSD, whether they are businesses or individuals. After creating an account on Stably Prime, users can deposit USD and convert it to VeUSD fast. Other stablecoins can be deposited on Stably Prime, converted to USD, and then converted back to VeUSD.

It will host a VeChain hackathon in the next weeks to encourage and promote the development of new tools and services, as well as new sorts of protocols and projects on VeChainThor, with awards granted in VeUSD. In due course, more information on this will be released.

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Chetna Prakash