On 4th January 2022, VeChain Foundation announced that VeUSD, the first stablecoin owned by VeChainThor blockchain, is about to launch.
According to the report, the new initiative will help widen the scope of the VeChain blockchain beyond its present capacity. It will open the blockchain up to new use cases, such as the trending Web3, decentralized finance (DeFi), among other novel use cases.
VeChain Foundation tweeted, “Happy to announce that VeUSD, VeChainThor’s first native StableCoin, 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.”
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.
— VeChain Foundation (@vechainofficial) January 4, 2022
According to the report, every single VeUSD minted will be fully backed by physical reserves of fiat money that can be redeemed at any time at a 1:1 ratio.
It’s further stated that fiat accounts are monitored and audited by Prime Trust, a Nevada-chartered trust company that also acts as a regulated administrator. VeUSD is said to provide a fully compliant solution with a guarantee of U.S. dollar value.
Users Need To Perform KYC to Avoid Delays
According to VeChain Foundation in a recent tweet, there are exciting events planned for users as the community awaits the launch of VeUSD stablecoin.
The foundation stated that there is a need for users to perform Know Your Customer (KYC) at Stable.io to avoid unnecessary delays in account creation. It will also give users the ability to mint or burn VeUSD without delay. The foundation also assured that the stablecoin will be listed on crypto exchanges after the official launch.
VeChain Foundation wrote, “During the $VeUSD launch period, we have some exciting events planned! Prepare yourself by signing up and performing KYC at stably.io to avoid delays in account creation & be able to mint/burn $VeUSD! $VeUSD will also be listed on exchanges after launch.”
During the $VeUSD launch period, we have some exciting events planned!
Prepare yourself by signing up and performing KYC at https://t.co/eAaWhBaDpZ to avoid delays in account creation & be able to mint/burn $VeUSD! $VeUSD will also be listed on exchanges after launch. #VeChain
— VeChain Foundation (@vechainofficial) January 5, 2022