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Avalanche Launches TrueUSD, First USD-Fiat Stablecoin

Avalanche Launches TrueUSD, First USD-Fiat Stablecoin

Avalanche continues to expand liquidity as it launches TrueUSD, the first Stablecoin of USD fiat currency in its DeFi Ecosystem. Avalanche will launch the top five stable coins, backed with fiat currency by market cap, in the first quarter of 2021.

(TUSD) TrueUSD, the trustworthy and commonly used stablecoin, is a much-required addition to Avalanche expanding DeFi ecosystem and will initiate the use of stablecoins in a much broader spectrum. It is the only stablecoin that has full backing on-chain. TrueUSD is also one of the many TrustToken built TrueCurrencies that include THKD, TGBP, TAUD, and TCAD. TrustToken is currently trading on more than a hundred OTC desks and exchanges, and in a month, producing billions of American Dollars in an effort of over a hundred and fifty countries. After launching the TrueUSD on Avalanche, users can receive and send the stablecoin in a fraction of a second, and transaction fees not amounting to more than a small portion of a cent. Stablecoins will circulate like cash, and people needn’t pay a huge amount of fees or wait long for block confirmations. It will encourage the frequency of trading and other uses as it will provide the traders with a way to get currencies equal to fiat money.

As per the Ava Labs President, John Wu, the US dollar’s liquidity is important to DeFi ecosystems. Introducing one of the most trusted and universally used stablecoins on Avalanche will start a new trend of apps and products with utmost definiteness. Avalanche launched mainnet at the end of September and got more than six hundred and fifty validators who will be partaking in the network consensus, and another two thousand five hundred in staking. They have combined to make Avalanche one of the most decentralized blockchain platform at layer 1. They have generated $1.3 billion in AVAX to keep it topmost. Avalanche is the most transparent platform of exchange today and will be open to more builders. Being the advent of TrustToken, TUSD is amongst the first to come to Avalanche, as per the CEO of TrustToken.

The open-sourced, scalable and interoperable, platform launches DeFi or decentralized finance applications based on blockchain in its ecosystem. It helps developers to make reliable, secure, and powerful apps and blockchain networks, even if they have complicated rulesets, and on the current subnets.

Christopher Walter

Christopher Walter is a senior journalist at currentbitcoin.news. He expertises in bitcoin mining. He has keen interest in reading cryptocurrency trading. He is also a cryptocurrency blogger.