USD Foundation Introduces USDV Stablecoin
The USD Foundation, a non-profit organization, has announced its plan to launch Verified USD (USDV) stablecoin. The stablecoin is community-driven and backed by tokenized US Treasury Bills (T-bills), ensuring on-chain stability and transparency.
USDV is an omnichain stablecoin compatible with the ERC-20 standard and pegged to the value of $1.
Matrixport and LayerZero Support for USDV
Matrixport’s Short-term Treasury Bill Token (STBT) serves as the underlying reserve asset for the USDV. Matrixport is a digital assets financial services provider based in Singapore. John Ge, CEO of Matrixport, emphasizes tokenizing real-world assets as a focus in the digital assets industry.
Furthermore, LayerZero Labs developed ColorTrace, an algorithm that supports transparency and equity in reward distribution among community participants within the stablecoin ecosystem. Ryan Zarick, CTO and Co-Founder of Layer Zero, sees potential in applying ColorTrace to RWA-backed assets like stablecoins.
Hot Take: Future Prospects of USDV Stablecoin
The upcoming launch of USDV presents an opportunity for crypto enthusiasts to explore a stablecoin driven by real-world assets and transparency. With support from organizations like Matrixport and LayerZero Labs, the USDV aims to offer a new level of integrity and equity within the stablecoin ecosystem.
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