Sign Up on MEXCVerified USD Foundation Announces USDV Stablecoin Launch, Know More Here
The verified USD Foundation, a non-profit organization developing a sustainable and progressive stablecoin ecosystem, recently announced plans to launch Verified USD (USDV) stablecoin. The USDV stablecoin is a community-driven token completely endorsed by the on-chain stability and transparency offered by numerous tokenized US Treasury Bills, also known as T-bills.
Furthermore, the USDV is a native omnichain stablecoin congenial to the ERC-20 standard, with each pegged to the value of $1.
The upcoming launch of the stablecoin is keenly eyed by crypto market enthusiasts as the USDV’s reserve encompasses a variety of real-world assets (RWA).
Interestingly, other than the pre-determined stable value acquired from the underlying on-chain T-bills, the USDV also offers real-time verification through proof-of-reserves, facilitating the information shared between stablecoin issuers, holders, and verified minters.
According to the president of the Verified USD Foundation, Matthew Commons, USDV stands out among other stablecoins as it allows creators to actively donate to stablecoin value, exploring impactful real-world uses with transparency and stability.
Also read: SOL Poses Remarkable Performance Despite FTX Asset Liquidation
Matrixport and LayerZero Jack Up The USDV
Matrixport’s Short-term Treasury Bill Token (STBT), emerged as the Verified USD Foundation’s underlying reserve asset.
STBT is one of the leading tokenized T-bills on the Ethereum chain. Matrixport is a digital assets financial services provider headquartered in Singapore.
According to the CEO of Matrixport, John Ge, tokenizing real-world assets is a key focus in the digital assets industry. Matrixdock, the firm’s RWA platform features a tokenized treasury, and is all set to act as the inaugural reserve asset for the Verified USD Foundation.
Furthermore, USDV is jacked up by ColorTrace, an algorithm developed by LayerZero Labs, facilitating transparency and equity in reward distribution among community participants within the stablecoin ecosystem.
Ryan Zarick, the CTO and Co-Founder of Layer Zero, stated that applying the ColorTrace algorithm to current RWA-backed assets, such as stablecoins, is promising and could lead to a fairer distribution among all contributors to an ecosystem’s success.
Also read: Bitcoin Drops Below $36,500 As Investors Await October CPI Data
- First U.S. Spot Dogecoin and XRP ETFs Launch as REX-Osprey Debuts DOJE and XRPR
- Analyst Calls $6 XRP Target for November Amid Ripple CEO’s White House Stockpile Hint
- Ethereum Faces Selloff Risks As Whales’ Unrealized Profit Hits 2021 Highs
- Expert Predicts 138% Shiba Inu Rally as SHIB Futures Listing Opens Spot ETF Path
- Bitcoin Will 200x From Here, Twenty One Capital CEO Says as BTC Breaks $117K After Fed Rate Cut
- HBAR Price Prediction as SEC Approves Generic ETF Framework – Analyst Targets $1.80
- Toshi Coin Gains 57% in One Day: What’s Driving the Sudden Upside?
- Shiba Inu Price Set to Soar as Exchange Reserves Dive Amid SHIB ETF Chatter
- Pepe Coin Price Prediction as Whale Moves $25M From Robinhood- Is a Breakout to $0.00002 Next?
- XRP Price Prediction as Market Longs Hit 78% amid VivoPower Treasury Expansion Launch — Is $4 Next?
- SHIB Price Forecast: Taker Buys Lead as Developers Counter Shibarium Exploit
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
