VeChain announces the imminent launch VeUSD, the native stablecoin for enterprise-grade VeChainThor’s blockchain.

VeChainThor, a blockchain platform that is open-source and maintained by VeChain Foundation in Singapore, is called the VeChainThor.

Official announcement states that stablecoin will be released after several months’ of development. The exact launch date is not specified, although the report states VeUSD will “soon go live on mainnet”.

VeUSD stablecoin, which will be fully backed with fiat currency at 1:1 ratio, will be audited in Nevada by Prime Trust trust company. VeChain says that it will be available for redemption at all times.

VeUSD’s launch is expected to make VeChain more accessible for real-world situations, Web3 and other decentralized financial (DeFi), options, with similar functionalities to.

“There are endless application scenarios for a stable coin”, says the announcement. This announcement mentions faster, easier cross-border transactions and the ability reach unbanked regions and users.

VeChain will launch a hackathon in support of the creation of new functions and tools as well as new protocols on its VeChainThor Blockchain.

In the coming weeks, the Hackathon will start and participants will receive VeUSD stablecoins.

The price of VeChain’s main token VET surged over 9% following the announcement. VET token’s price is still declining since November 1st, when it reached the $0.017 point.

VeChain, currently 31st in cryptocurrency market capitalization is.

The Flipside

• VeChain started as a subsidiary of BitSE, which is one of China’s largest blockchain companies. VeChain is often criticized for its ties with China.

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