Verified USD Foundation Launches Community-Driven Stablecoin USDV

A New Player Enters the Stablecoin Arena, Backed by Tokenized US Treasury Bills

- Advertisement -

KEY TAKEAWAYS

  • Innovative Backing: USDV stands out by securing its value through tokenized US Treasury Bills, providing a stable alternative to conventional stablecoins.
  • Community Involvement: The community-driven approach of USDV encourages active participation, making users integral to the stablecoin’s growth and development.
  • Transparent Transactions: USDV prioritizes transparency with on-chain transactions, security audits, and the ColorTrace algorithm, ensuring a secure and verifiable user experience.
  • Omnichain Compatibility: As a native omnichain stablecoin, USDV is compatible with multiple blockchain networks, allowing seamless operations across a variety of platforms.
  • Industry Support: With backing from 23 industry-leading contributors, including Bitget, Curve, Matrixport, and Stargate, USDV aims to compete with established stablecoins like Tether and Circle in the evolving web3 industry.

In a move that aims to shake up the stablecoin landscape, the Verified USD Foundation has introduced Verified USD (USDV), a stablecoin backed by tokenized US Treasury Bills (T-bills).

Unlike traditional stablecoins, USDV brings real-world assets into the spotlight, offering stability and verifiability through a proof-of-reserve mechanism.

USDV Overview

USDV operates on a community-driven model, encouraging active participation from those creating stablecoin use cases.

It stands out as a native omnichain stablecoin compatible with the ERC-20 standard, with each USDV pegged to the equivalent value of 1 US dollar.

The foundation has chosen Matrixport’s Short-term Treasury Bill Token (STBT) as its initial underlying reserve asset.

Transparency and Verification:

All USDV transactions are on-chain, with smart contracts undergoing security audits by OtterSec, Zellic.io, and Paladin.

The integration with LayerZero’s Omnichain Fungible Tokens (OFT) Standard allows seamless operation across multiple blockchain networks.

The ColorTrace algorithm, developed by LayerZero Labs, adds a novel layer of transparency, ensuring fair and transparent reward distribution within the stablecoin ecosystem.

Interoperability and Launch

USDV is set to launch on various blockchain networks, including Ethereum, BNB Smartchain, Avalanche, Arbitrum, and Optimism.

This interoperability across LayerZero-supported chains enhances its accessibility and utility.

The community-driven token has garnered support from 23 industry-leading contributors in CeFi, DeFi, and GameFi, including Bitget, Curve, Matrixport, and Stargate.

STBT: A Key Component

Matrixport’s Short-term Treasury Bill Token (STBT), pegged 1:1 with 1 USD of net-asset value, serves as the initial reserve asset for USDV.

STBT empowers the USDV community with real-time verification via on-chain Proof-of-Reserves and stands out as a leading tokenized T-bill on the Ethereum chain.

ColorTrace Algorithm

ColorTrace, the algorithm underpinning USDV, solves the fungible token coloring problem with O(1) storage complexity.

This innovation requires all transfers to recolor tokens, ensuring balance uniformity between sender and receiver wallets.

A Transparent Ecosystem

USDV positions itself as a transparent and community-driven token, endorsed by on-chain stability and the transparency offered by tokenized US Treasury Bills.

Its underlying reserve of tokenized real-world assets provides a compelling alternative to existing stablecoins.

Looking Ahead

The Verified USD Foundation expresses its commitment to expanding ecosystem partnerships, increasing accessibility across blockchain ecosystems, and enhancing utility on various platforms in the future.

With a focus on fair and transparent reward distribution, USDV aims to compete with established projects like Tether USDT and Circle USDC in the rapidly evolving web3 industry.

LATEST POSTS

Previous Articles:

- Advertisement -
- Advertisement -
- Advertisement -

Latest

Warren Slams Trump Stablecoin Bill: “Grift to Enrich Himself”

Senator Elizabeth Warren criticizes stablecoin legislation, claiming it enables President Trump to leverage his crypto project for personal enrichment.Warren specifically targets the Financial Innovation...

Trump Threatens “Larger Scale Tariffs” on EU, Canada Amid Trade Tensions

Former President Trump threatens larger import tariffs against EU and Canada if they collaborate to harm U.S. economic interests.Financial markets remain stable despite Trump's...

OpenAI’s revenue to surge to $12.7B amid rising Chinese AI challengers

OpenAI projects revenue growth from $12.7 billion in 2024 to $29.4 billion in 2025, despite not expecting positive cash flow until 2029.The company is...

Synthetix Founder Exposes Predatory Crypto Market Maker Tactics

Synthetix founder Kain Warwick revealed how crypto market makers have evolved from legitimate operations to manipulative entities charging projects up to $300,000 monthly during...

Court Dismisses Dfinity Lawsuit: ICP Investors’ Claims Expired

U.S. District Judge James Donato dismissed a class action lawsuit against Dfinity related to Internet Computer (ICP) tokens, citing time limitation issues.The lawsuit, filed...

US Senate Votes to Kill Biden-Era DeFi Tax Reporting Rule

US Senate passed a resolution with a 70-28 vote to repeal the IRS DeFi broker rule targeting crypto reporting.The resolution will next head to...

Russia Faces Energy Crisis, May Import Electricity from China

Russia faces severe energy shortages caused by the Ukraine war, Western sanctions, and cryptocurrency mining demand, transforming it from an energy exporter to a...

US Lawmakers Push Stablecoin Bill Forward in Trump’s Crypto Agenda

Republican lawmakers plan to advance stablecoin legislation and update the FIT 21 crypto framework within days.House Financial Services Crypto Subcommittee published a draft stablecoin...
- Advertisement -

Must Read

Top 10 Best Crypto Advertising Networks

So, you are interested in promoting your crypto-related product or service but you don’t know how to go about it. Today we are going...

Read Next
Recommended to you