The post USDV Stablecoin Expands Rapidly – BitcoinWorld appeared on BitcoinEthereumNews.com.

USDV, a new stablecoin, rapidly expands across multiple chains, aiming to be the most widely used stablecoin with unmatched transparency and partnerships. With a market cap of just over $20 million, Verified USD (USDV) is a newcomer in the stablecoin market. Launched on Ethereum in November 2023, USDV is expanding its omnichain capabilities across various ecosystems.  USDV is now live on eight EVM-enabled chains, including Arbitrum, BNB Chain, Optimism, and Avalanche.  Mathew Commons, President of the Verified USD Foundation and former Algorand CFO, discussed why the industry needs another stablecoin and what makes USDV unique. The Verified USD Foundation was created by LayerZero and Matrixport to align stablecoins with the decentralized ethos of web3 while being fully reserve-backed.  Unlike legacy stablecoins, which are often private entities with centralization risks, USDV is structured as a foundation to promote decentralization and community involvement. USDV uses a mechanism called ColorTrace to track which partners bring new capital, allowing yield sharing.  “The yield isn’t shared with end users to avoid security issues,” Commons says, “but we incentivize our partners.”  USDV provides the framework for partners to mint new USDV by locking the collateral token STBT (short-term treasury bill token) into a smart contract. USDV is fully backed by short-term treasury bills that last three months or less. “We aim for best-in-class transparency. All our collateral is on-chain,” says Commons.  USDV’s collateral token, STBT, is issued on-chain, ensuring each USDV is fully backed.  USDV works with Chainlink to provide real-time ‘Proof of Reserves,’ offering continuous auditing of its collateral, unlike other stablecoins that provide periodic audit reports. USDV’s omnichain capabilities allow it to be burned and reminted on any chain, connecting to over 70 blockchains.  “We aim to be the most widely available stablecoin, starting with EVM-enabled chains,” Commons states. Future plans include expanding to…

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Filed under: News - @ June 11, 2024 10:22 am