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Verified USD (USDV) hits over $20 million market cap

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Verified USD (USDV) hits over $20 million market cap

USDV, a recently minted stablecoin on the Ethereum platform in November 2023, with a market capitalization slightly exceeding $20 million. USDV is deployed on eight EVM-enabled chains and is specifically built to adhere to the decentralized principles of web3.

Additionally, it is entirely backed by reserves. The Verified USD Foundation, established by LayerZero and Matrixport, seeks to further decentralization and foster community engagement.

USDV employs a method known as ColorTrace to monitor partners who contribute additional capital, enabling the sharing of yield. The platform offers a structure for partners to create additional USDV by securing the collateral token STBT in a smart contract.

USDV is completely supported by short-term treasury bills with a duration of three months or less, guaranteeing transparency. USDV collaborates with Chainlink to deliver real-time ‘Proof of Reserves,’ ensuring ongoing audits of its collateral. USDV possesses omnichain features that enable it to undergo burning and reminting processes on any blockchain, hence establishing connections with more than 70 other blockchains.

The Verified USD Foundation primarily targets emerging nations characterized by high inflation or foreign exchange requirements, such as Argentina and Turkey, where crypto can effectively address practical issues. Nevertheless, the Verified USD Foundation expresses apprehension regarding the lack of clear regulations as it expands.

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