The launch of the TrueUSD stablecoin on the Avalanche blockchain is scheduled for the first quarter of 2021. This will be the first stable cryptocurrency on the Avalanche network, pegged to the US dollar.
It is expected that the appearance of a stablecoin on the Avalanche blockchain will help the development of decentralized finance (DeFi) applications, as well as speed up and reduce the cost of transactions.
“Dollar liquidity is essential for the DeFi ecosystem to thrive, and we are very excited to launch one of the most reliable and widely used stablecoins on the Avalanche network,” said John Wu, President of Ava Labs.
TrueUSD is one of the five largest stablecoins pegged to the US dollar. It is developed by TrueToken, which has also created stable cryptocurrencies linked to other fiat currencies.
According to John Wu, Ava Labs is in talks with the companies behind other large dollar stablecoins to attract them to the Avalanche blockchain. He hopes for the appearance on the network of coins linked to other world currencies:
“We will definitely place stablecoins linked to various fiat currencies, as well as algorithmic stablecoins. We will provide users of DeFi applications on the Avalanche network with flexibility and liquidity in all operations.”
Recall that in November, the developers of the Avalanche blockchain tested a solution for quickly and economically moving assets between the Avalanche and Ethereum networks.