Press Release Today TheBitTimes.com

A new stablecoin called USDV launched Tuesday, backed by tokenized U.S. Treasuries in an effort to provide transparency and stability. According to an announcement shared with crypto.news, USDV is pegged to the U.S. dollar and underpinned by short-term treasury bills converted into digital tokens using blockchain technology. The tokens were created by Matrixport, a cryptocurrency financial services company. Stablecoins are digital currencies designed to have a stable value and maintain it either by being attached to an asset like the U.S. dollar or complex tokenomics. They have grown in popularity recently but also drawn more scrutiny from regulators concerned about transparency and potential runs. USDV attempts to address those concerns by allegedly allowing holders to verify the Treasuries backing the coin in real time. The smart contracts governing USDV have undergone third-party security audits, according to the nonprofit Verified USD Foundation which launched the coin. ...

In an effort to modernize its financial systems and expand lending options, banks in Zimbabwe are considering the use of the newly released gold- backed digital tokens as collateral for loans. This move comes as the country’s central bank aims to establish a digital currency that can be used for everyday transactions, prompting financial institutions to adapt their systems to accommodate this innovative form of payment. In a recent email response to Bloomberg, the Bankers Association of Zimbabwe expressed its support for adopting the gold- backed digital tokens. According to the association, lenders will need to incorporate a third currency into their existing systems to facilitate the acceptance of these tokens as a means of repayment. Also, the association said in the statement: As the balances on gold- backed digital tokens transacting currency grow, there is potential for the banks to offer all products that are offered in Zimbabwe dollars and US dollars. ...