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VeChain Foundation is a non-profit entity established in Singapore. They are focused on sustainable development goals and are mainly committed to delivering more true value in the industry. Stability is something desirable in the financial world and so are stable coins. VeChain Foundation have announced VeUSD – a new stable coin and they are staring off 2022 in style.
VeChain Foundation expressed: “Happy to announce that VeUSD, VeChainThor’s first native stable coin, will soon go live! Users & enterprises will be able to easily create/burn fully backed USD-based stablecoins, opening VeChain up to DeFi, Web3 and novel real world use cases.”
The coming of VeUSD is expected to add to the sustainability objectives of VeChain. This is expected to be the new era for VeChain Thor.
Reportedly, VeUSD is developed by Stably onboarded by CREAM and with stablecoins issued by Prime Trust, a Nevada-chartered trust company from the US, VeUSD promises to unlock new applications and new functionalities for the community and enterprise partners alike. Thus, the community will be able to enjoy DeFi and Web3 projects in their own blockchain.
The world of VeChain Thor get access to a new range of possibilities with the coming of the stable coin.
In the forth coming weeks, a VeChain hackathon will be launched to incentivize and improve on the development of tools and functions and also new types of protocols and projects on the VeChainThor and the prizes are expected to be paid in VeUSD. Further details about the hackathon is expected soon.
There are different use cases normally known for stablecoins like in DeFi and Web3; however, there is a hypothetical visualization of realistic scenarios for VeUSD to help understand the broader scope of possibilities with the stable coin.
VeUSD is expected to be useful in poverty alleviation by facilitating incentivized ecosystems. Cross-border payments will become quick and easy. Thus, it will be useful in terms of environmental remediation making sure that the funds reach their targets quickly with free and easily accessible digital wallet for the unbanked areas of the world. Thus, bringing down the friction and costs in areas where such value transfers can make the greatest difference.
Reportedly, “The VeChainThor blockchain can store key data from across the data trail and make payments based on predefined criteria – for example, recovery of a certain weight of waste material from an environment, verified by compliant IoT technologies with processes certified by global compliance authorities.”
VeChainThor now can provide DeFi functionality with superior architecture, facilitate unique ‘Multi-task transaction’ function, single transaction executing many actions at once, fee delegation, dApp owners paying gas fee on behalf of their users making dApps ‘free’ to use. Further making automated smart contract settlements possible.
VeUSD improves the ability to develop incentivised ecosystems to actively reward those who participate and engage with sustainable and environmentally beneficial activities. Infinite Possibilities with VeUSD and VeChainThor are anticipated.
