Tuesday, May 24, 2022

Vechain launches VeUSD as its first stablecoin

VeUSD has been in its developing stage for a while now, and it’s ready. With the first-ever native stablecoin on the Vechain network, the growth phase of the Vechain blockchain is kicked into action. The Vechain stablecoin is one of the significant milestones Vechain plans on achieving this in 2022, and it has begun on the right path. Vechain has been one of the most ecofriendly cryptos in the crypto community, with adoption in the supply market, where products are tracked using technological processes. Thanks to Vechain, there’s little or no need for human tracking or loss of product in transit, since all products can be tracked easily. 

The VeUSD is a stablecoin developed by Stably, issued by Prime Trust, and onboarded by CREAM. The VeUSD has promised to unlock new functionalities and applications for enterprises and communities alike. With the development of this stablecoin, the traffic on the Vechain network would increase, which could be single-handedly responsible for the growth of Vechain this year. Currently, Vechain’s price is still very pocket-friendly, trading at about $0.075, hence with just a thousand dollars, you can buy as many Vechain as possible. Its price is expected to go up high to about $5 by 2025, and thanks to the development and deployment of its stablecoin into the mainstream, this price prediction is becoming feasible. 

VeUSD as a gateway to the Vethor:

One of the reasons Vechain has chosen Stably is its total compliance with the US regulatory bodies. It’s essential that blockchain maintains its compliance with the regulatory authorities even as it becomes mainstream. This is important for the Vechain network since they have a reputation to keep in the supply market and breaking the agreement would be a big slap on their integrity and mission. Note that every VeUSD minted will have the full backing of a physical reserve, like every other fiat money redeemed at an equal ratio. The fiat account will be audited and monitored by Prime Trust, which in turn builds the VeUSD reputation, allowing easy user adoption. Having such big names as VeUSD auditor is also one of the strategies Vechain has adopted in increasing the VeUSD adoption rate. 

Vechain and Vethor used to be the only tokens on the Vechain network so that while one serves as the native token, the other serves as gas. Vechain is the native token, and VeThor is the gas fee, which means for every transaction, you need to have vethor to process the transaction. One of the ways of having vethor is using Vechain as a payment method when using then supply chain services/tracking services of Vechain network. Plans are being made to integrate VeUSD into the Vethor wallet, allowing redemption functions and minting possibilities. 

As mentioned earlier, the possibilities of stablecoin on the Vechain networks make it possible for easy transactions, especially for VechainThor. 

Importance of VeUSD to the Vechain community

The development of VeUSD will come with several importance such that the Vechain community begins to grow, and here are some of the importance. 

Poverty alleviation

VeUSD will come with various poverty alleviations and incentivize the ecosystem such that it gives users the ability to pay in decentralized platforms with little or no stress. With VeUSD, making cross-border transactions becomes easier and faster. With VechainThor being capable of storing data from all data trails, payment of goods and services become easier with stablecoin than altcoins. Stablecoins facilitate both local and cross-border transactions faster because of their universality. 

Decentralized Finance Applications

Thanks to VeUSD on the VechainThor network, there can now be similar DeFi processes on networks like ethereum. So, all those capacities in which ethereum could function are the same as VechainThor. On the Vechain network, several unique attributes help solve critical problems other networks face. The upgrades on the Vechain blockchain are why it’s important to buy Vechain now, as its price is quite pocket-friendly. 

Sustainability

The concept of sustainability is one of the main reasons why the VechainThor network would grow even more, and the community would increase. With the deployment of VeUSD, there’s an increase in the Vechain community because of the incentivized ecosystems and the development of the relationship between the ecosystem and the community. Sustainability becomes relatively easy to achieve on the Vechain network because of the new VeUSD token used on the VechainThor network, making it more effective to hold transactions locally and internationally. 

The launch of VeUSD as a stablecoin on the Vechain network is one of the main reasons why the Vechain community will grow and the price of Vechain increases. The Vechain network is still undergrowth, and several other developments are coming into the network as it grows.