Verified 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

Source