Avalanche Blockchain Integrates Dollar-backed Stablecoin, TrueUSD (TUSD)
- Avalanche blockchain welcomes its first stablecoin, TrueUSD.
- The move targets the growth of DeFi applications on the blockchain.
TrustToken’s stablecoin, TrueUSD, is lining up to become the first-ever stablecoin on the Avalanche blockchain, reports to BEG to confirm. According to the statement, the fully-backed stablecoin will launch on Avalanche in Q1 2021 to impact the growth of DeFi atop the blockchain.
Avalanche is an open-source blockchain that provides a two-in-one platform to build decentralized finance applications and enterprise solutions within its ecosystem. The addition of True USD (TUSD) to Avalanche will allow users to leverage its instant, low-cost and scalable platform to send and receive stablecoins easily.
Moreover, TrueUSD offers a “vital component” in creating new stablecoin applications and products in AVA’s near-instant finality network, John Wu, President of Ava Labs, said. He further said,
“U.S. 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.”
The fast, low cost and low latency platform also provide a stable platform to trade stablecoins in and out of crypto exchanges in exchange for fiat currencies. This enhances its suitability in carrying out arbitrage trades, high-frequency trading, and other low-latency use cases.
The addition of stablecoins is in line with its journey to incorporating the DeFi ecosystem on its blockchain. Stablecoins are expected to increase and enhance the use of cases in payments across DeFi applications on Avalanche. Recently, Avalanche announced its Ethereum bridge network that will provide direct integration of AVA blockchain and Ethereum. Wu further confirmed,
“five more stablecoins representing other currencies and algorithmic stablecoins will also be added on the platform in the coming days to provide the DeFi ecosystem with flexibility and liquidity.”