In a significant move to enhance stability and user security, Velo Labs has announced a significant collaboration with TrueUSD (TUSD), the pioneer USD-pegged stablecoin boasting live on-chain attestations. Despite Velo’s recent string of advancements, the company remains committed to fortifying its position as a trusted Web3-based financial solutions provider.
The collaboration with TrueUSD, renowned for its reliability as a stablecoin, aims to augment the stability of Velo’s native stablecoin, USDV. This enhancement will be achieved by utilizing TUSD as collateral within Velo’s Web3+ Ecosystem, providing an additional layer of security to the stablecoin. Velo Labs has ambitious plans to expand its multi-chain interoperability throughout 2024, with imminent support for this feature.
Users can currently benefit from TUSD cross-chain swapping on Velo’s over-the-counter (OTC) platform — Universe. One of the key advantages of this collaboration is the introduction of an alternative method for settling remittances using TUSD within Velo’s Web3+ Ecosystem. Leveraging TUSD for remittance processes is expected to streamline and enhance efficiency, particularly in cross-border transactions.
Velo’s popular product, Orbit, a cryptocurrency payment gateway facilitating seamless transactions for merchants and users, will also experience significant improvements through the integration of TUSD. This development aligns with Velo’s overarching mission to simplify cryptocurrency transactions for a global audience.
A Strategic Alliance
Velo Labs, a global frontrunner in Web3-based financial solutions, operates a cutting-edge liquidity and settlement network for secure and efficient value transfers. With backing from Stellar Network and CP Group, Velo Labs has expanded its reach beyond Southeast Asia and the Pacific, serving partners globally. The company bridges the gap between traditional banking infrastructure and Web3, leading the way in blockchain mass adoption.
In addition to its extensive Web3-based payment network, Velo Labs, in partnership with its licensed settlement partner Lightnet, offers a range of Web3-based products, including the widely-used Orbit. Tailored for individuals, merchants, corporations, and enterprises worldwide, Velo Labs is dedicated to empowering global financial connectivity and expanding accessibility on a global scale.
TrueUSD stands out as the first USD-pegged stablecoin featuring live on-chain attestations by independent third-party institutions. Listed on over 100 trading platforms, including Binance and Huobi, and live on 10 mainstream public chains such as Ethereum, TRON, Avalanche, BNB Chain, Fantom, and Polygon, TUSD boasts daily attestations by MooreHK, a globally recognized accounting firm. The stablecoin is also integrated with Chainlink’s Proof of Reserve, ensuring transparency and reliability.
In essence, the Velo Labs and TrueUSD collaboration holds great promise for the future of Web3-based financial solutions, marking a significant leap toward a more secure, transparent, and efficient global financial ecosystem. As these two pioneers join forces, the impact on stability, security, and accessibility in the world of decentralized finance is poised to be substantial.
