Verified USD

Halal Rating :
Comfortable
Last Price $1.0 Last updated:
Rank 1009
1D Change -0.16 %
Market Cap $17.1m
Circulating supply 17,141,815
Maximum supply None
Crypto Overview Crypto Impact

Crypto Overview

Categories
  • Stablecoin
  • Asset-Backed Stablecoin
  • Ethereum Ecosystem
  • Polygon Ecosystem
  • USD Stablecoin
  • Optimism Ecosystem
  • Fiat Stablecoin

Overview

Verified USD (USDV) is a new decentralized stablecoin initiative announced in late 2023 and launched in January 2024. It's a collaborative effort between multiple blockchain platforms, led by Jump Trading and supported by major crypto exchanges like OKX, Bybit, and HTX.

Purpose and Utility

USDV is designed to be a fully collateralized stablecoin pegged to the US Dollar, with its primary purpose being to facilitate cross-chain transactions and serve as a stable medium of exchange. The stablecoin is backed by a basket of other established stablecoins like USDT and USDC, held in segregated accounts.

Business Model and Implementation

The stablecoin operates through a decentralized minting mechanism where verified institutions can mint USDV by depositing approved collateral. The system employs smart contracts to maintain transparency and ensures a 1:1 backing ratio. All collateral assets are verifiable on-chain.

Real-World Adoption

Since its launch, USDV has achieved significant adoption metrics: integration with multiple blockchain networks including Ethereum, BNB Chain, and Avalanche, partnerships with major cryptocurrency exchanges, and growing trading volumes. The token maintains its dollar peg through market operations.

Platform Development

The project demonstrates active development with regular updates to its smart contracts and integration protocols. The multi-chain infrastructure is maintained by a consortium of established crypto industry participants.

Crypto Impact

To assign a comfort level investing in Verified USD from a halal perspective we need to determine whether it has a net positive or negative impact.

Towards this end, the table below is used to tally all the positive and negative considerations our members can think of related to Verified USD.

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