Onyx to Release VUSD, Its Own Stablecoin
CryptoNewsTerminal Staff13 Aug, 2024
Onyx to Release VUSD, Its Own Stablecoin
The Onyx (XCN) Protocol team declared the upcoming release of its own stablecoin, VUSD, through an official announcement. Stablecoins are digital assets that are pegged to a fiat currency, such as the US dollar. This is done in order to provide a more stable value for the asset, as the value of fiat currencies is typically less volatile than that of cryptocurrencies. The VUSD stablecoin will be backed by a basket of fiat currencies and will be pegged to the US dollar. This means that the value of VUSD will be directly tied to the value of the US dollar, and it will not fluctuate as much as the value of other cryptocurrencies. The Onyx team also stated that VUSD will be used to facilitate payments and other transactions within the Onyx ecosystem. The stablecoin will be available for trading on a number of cryptocurrency exchanges, and it is expected to be widely adopted by users of the Onyx platform. The launch of VUSD is a significant development for the Onyx project. It will provide users with a more stable asset to use for payments and other transactions, and it will also help to attract new users to the platform.
