TrueUSD to launch on Avalanche blockchain


TrueUSD is set to become the first US dollar-backed stablecoin to launch on the Avalanche blockchain.

The hope is that the integration, planned for the first quarter of 2021, will lead to improved use cases for stablecoins in payments as well as in DeFi applications, upping the speed and lowering the cost of transactions.

“US dollar liquidity is vital to thriving DeFi ecosystems, and we’re excited to bring one of the most trusted and widely-used stablecoins onto Avalanche,” says John Wu, president of Ava Labs.

TrueUSD, one of the five largest fiat-backed stablecoins by market capitalisation, is one of a number of stablecoins developed by TrustToken.

The firm also offers cryptocurrencies backed by pound sterling, the Hong Kong dollar, the Canadian dollar and the Australian dollar. Collectively, these currencies trade on over 100 exchanges and OTC desks.

Avalanche is an open-source platform specialising in hosting DeFi applications and enterprise blockchain solutions, and which stresses its scalability and interoperability.

In launching TrueUSD on Avalanche, TrustToken said it hoped to attract users in needs of low-latency for activities such as high-frequency trading.

Commenting on the launch of further stablecoins on Avalanche, Ava Labs president John Wu said the firm is “in final discussions with multiple other top-five USD stablecoin by market cap to launch natively on Avalanche”.

“We’ll also be onboarding additional stablecoins representing other fiat currencies, and algorithmic stablecoins to ensure DeFi users on Avalanche have flexibility and liquidity across all applications,” he told The Block.

Trending Stories

Get Your Crypto
Daily Brief

Delivered daily, straight to your inbox.

Will Sanctions Drive Russia into the Arms of Cryptocurrencies?

From the removal of many Russian banks from SWIFT to a seemingly constant flow of new sanctions, Russia’s invasion of Ukraine has left many to wonder: Is the country likely to lurch towards cryptocurrencies? And if so, what does this mean for businesses that are holding and/or using crypto? Crypto and sanctions evasion Although crypto […]
Read Full Story
Sponsored Post

Layer-2 Scaling Solutions: A Framework for Comparison - Commissioned by Polygon

Ethereum had a breakout year in 2021. It’s native asset, ETH’s, market capitalization surpassed $500 billion for the first time. Its network facilitated upwards of $7 trillion value transfer. Non-fungible tokens (NFTs) emerged as another “killer application” that have put its technology on the global stage and caught the attention of the masses.
Read Full Story
May 5, 2022, 3:17PM UTC