VeUSD Stablecoin Launches on VeChain

Categories: GeneralPublished On: January 11th, 20233.9 min read

Stably is delighted to announce the introduction of VeUSD, a USD-backed stablecoin, on the VeChainThor public blockchain. This is the first product released under our ongoing collaboration with the VeChain ecosystem.

Since the initial launch of USD-backed stablecoin Stably USD ($USDS) on Ethereum in 2018, Stably has established new benchmarks for transparency and interoperability in the stablecoin industry. Today, individuals and businesses from over 200 countries and regions worldwide can mint or redeem VeUSD on VeChain and 12+ other networks (where it is known as $USDS) through Stably Ramp.

What is $VeUSD?

VeUSD, built upon the VIP-180 token standard, is a fiat-backed stablecoin created by Stably in partnership with Prime Trust, a Nevada state-chartered trust company and regulated custodian. The design of $USDS is such that it is legally compliant and fully collateralized, with the total value of the tokens issued being equal or lesser to the total value of the USD held in bank deposits. This provides holders of the token with the assurance that their assets are safe and secure.

VeUSD offers more than just stability. It provides benefits such as low-cost, high-speed transactions and affordable cross-border payments. It acts as a liquidity bridge between VeChain and over twelve other blockchains (referred to as USDS). Moreover, it can facilitate the on/off ramping of funds through Stably Ramp, narrowing the gap between traditional finance and decentralized finance (DeFi). Various methods can be used to mint or redeem $VeUSD via Stably Ramp:

Fedwire: 0-1 business day settlement (USA)
SWIFT wire: 3-5 business days settlement (Global)
ACH: 5 business days settlement (USA)
Instant ACH (USA, coming soon)
Credit/debit cards: up to 1 day business day settlement (Global, deposit only)

The wide range of payment options combined with Stably’s focus on stablecoin infrastructure means that the buying or selling of crypto-assets can be done for as little as $1 per transaction. $VeUSD avoids the price volatility of traditional cryptocurrencies by always being redeemable for $1 USD per token via Stably. Stably also partners with stablecoin attestator to provide monthly public attestations for $VeUSD, ensuring that $1 USD of collateral fully backs every token in circulation.

Contract Address

The VeUSD contract is deployed on the VeChainThor mainnet at this address: 0x4E17357053dA4b473e2daa2c65C2c949545724b8.

Why VeChain?

We have partnered with VeChainThor, an emerging blockchain, due to its efficiency, low-cost settlement times, and capacity for unique DeFi use cases. Its architecture offers solutions to issues many major networks encounter, like gas cost stability and optimal balance between decentralization and speed/scalability, making it an ideal platform for our stablecoin and fiat gateway infrastructure.

Furthermore, VeChainThor’s partnerships with enterprises, particularly its close relationships with DNV and PwC, align with our aim of making tokenization and DeFi accessible to mainstream and institutional users. In this partnership, we encourage developers working with VeChainThor to explore our products and the potential of VeUSD in constructing a trusted, global decentralized network. Both Stably and VeChainThor are dedicated to mutual support and investigating additional strategic opportunities together.

How to Mint and Redeem VeUSD

Institutional users must create a Stably Prime account and complete a brief KYB process to mint or redeem VeUSD. Individuals can easily mint or redeem VeUSD via Stably Ramp.

About VeChain Foundation

VeChain Foundation is a non-profit organization that promotes the adoption of VeChainThor blockchain technology. The Foundation provides tools and resources to businesses and developers, and works to build bridges between blockchain technology and the real world. For more information visit: www.vechain.org

About Stably

Stably is a Web3 payment infrastructure provider and FinCEN-registered MSB from Seattle. The company specializes in providing fiat gateways, multi-chain stablecoins, and cross-chain bridged tokens to users of Web3 applications. Stably’s mission is to power this decade’s next billion Web3 users with regulatory-compliant payment infrastructure across both developed and emerging blockchain ecosystems.

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