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Vladislav Sopov

DeFi ecosystem of veteran blockchain network IOTA keeps gaining traction as Fluent Finance announces launch of USPLUS stablecoin

With the new integration, users of USPLus will be able to redeem their stablecoins on new blockchains. This is one of the first on-chain stablecoin releases for IOTA and its associated smart contracts platform Shimmer.

Fluent Finance, a decentralized finance platform, announced yesterday, Oct. 13, 2023, that it was set to roll out smart contracts on IOTA and Shimmer blockchains. The release of the USPlus stablecoin, a USD-pegged cryptocurrency backed by fiat, is the primary goal of its integration.

Platform representatives stressed that the launch on the IOTA ecosystem is of paramount importance for Fluent Finance's vision and massive adoption of its stablecoin product:

Fluent is pleased to be (...) joining forces with a robust community of bright innovators

Also, the team expressed excitement about the features of IOTA as a technical platform, including its innovative design of blockchain consensus and Tangle's gasless digital ID functionality.

Fluent Finance appreciated the role of the Tangle community in "getting the wheels turning" during the procedure of USPlus deployment.

USPlus, a USD-pegged stablecoin by Fluent Finance, can be obtained on the Bitrue centralized exchange as well as on Ethereum-, Celo-, and Arbitrum-based versions of the Uniswap v3 decentralized exchange platform and DeFi on XDC Network, an Ethereum (ETH) fork.

As covered by U.Today previously, last September, Shimmer launched an EVM-compatible smart contracts platform for dApps.

The team of Fluent Finance is considering further collaborating with the IOTA blockchain and its community.

The product is focused on building deposit tokens, stable-valued, regulatory-compliant digital assets interoperable with core banking systems. Through the solutions by Fluent Finance, banks will be able to issue their own digital currencies and interact with government-backed CBDCs.

Its USPlus stablecoin's 1:1 peg to U.S. dollar can be tracked via banking APIs for the maximum level of transparency in Web3.

About the author

Vladislav Sopov

Blockchain Analyst & Writer with scientific background. 6+ years in IT-analytics, 3+ years in blockchain.

Worked in independent analysis as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)

Read more from the original source:

IOTA to Have One More Stablecoin: What is USPlus? - U.Today