In a significant move towards enhancing stability and user security, Velo Labs has announced a pivotal collaboration with TrueUSD (TUSD), a renowned USD-pegged stablecoin celebrated for live on-chain attestations. Despite Velo's recent strides in Web3-based financial solutions, the partnership underscores its commitment to becoming a trusted provider in the space.
The collaboration aims to boost the stability of Velo's native stablecoin, USDV, by utilizing TUSD as collateral within Velo’s Web3+ Ecosystem. This integration adds an extra layer of security to the stablecoin, aligning with Velo Labs' plans to expand multi-chain interoperability in 2024.
Presently, users can leverage TUSD cross-chain swapping on Velo's OTC platform, Universe. The collaboration introduces an alternative method for settling remittances using TUSD within Velo’s Web3+ Ecosystem, streamlining cross-border transactions.
Velo's cryptocurrency payment gateway, Orbit, will see significant improvements through TUSD integration. This enhancement aligns with Velo's mission to simplify global cryptocurrency transactions for individuals, merchants, corporations, and enterprises.
Velo Labs, a global frontrunner in Web3-based financial solutions, operates an advanced liquidity and settlement network for secure and efficient value transfers. Supported by Stellar Network and CP Group, Velo Labs bridges the gap between traditional banking and Web3, leading the blockchain mass adoption movement.
In collaboration with licensed settlement partner Lightnet, Velo Labs offers a range of Web3-based products, including the widely-used Orbit, aiming to empower global financial connectivity and accessibility.
TrueUSD, with live on-chain attestations and integration with 10 mainstream public chains, brings distinctive features to the partnership. The collaboration holds great promise for the future of Web3-based financial solutions, marking a significant leap towards a more secure, transparent, and efficient global financial ecosystem. As pioneers join forces, the impact on stability, security, and accessibility in decentralized finance is poised to be substantial.