USDGLO Stablecoin Launches on VeChainThor — Powering Green TVL & Enhancing VeBetter Ecosystem

USDGLO Stablecoin Launches on VeChainThor — Powering Green TVL & Enhancing VeBetter Ecosystem

Stablecoins are one of the most popular use cases for blockchain technology, and trends suggest their utilization will only grow in the years ahead. Whether for payments, cross-border settlement or as a means to enter and exit crypto markets, stablecoins increase efficiency and save costs for users and businesses alike.

The VeChain Foundation is thrilled to announce the completion of an ongoing technical collaboration with our partner — The Glo Dollar Foundation - culminating in the launch of and one of the most unique stablecoin foundations on the market — USDGLO. The Glo Dollar Foundation is a sustainability-focused organisation that uses profits generated by its treasury to support environmental and sustainable initiatives — putting the power of blockchain and stablecoins to good use.

USDGLO is now tradable on-chain, with pairs available on VeSwap, and accessible through BetterSwap’s aggregator functionality, two decentralized exchanges running on the VeCHainThor blockchain.

The launch sees a special initiative launched, introducing a swap functionality between VeUSD and USDGLO, allowing users to swap 1:1 the VeUSD stablecoin, recovering liquidity and fulfilling our promise to ensure the community was made whole after the bankruptcy of Prime Trust.

The integration also supports the exchange of Glo Dollars to USD, or USDC (USDC will not be live on the VeChainThor blockchain, but on other networks that currently offer it) — opening a new pathway for liquidity into the VeChainThor ecosystem.

Glo Dollar profits generated by on-chain activity will be donated to the VeChain Foundation, which will subsequently be used for the strategic purchase of B3TR tokens. These tokens will be sent to the VeBetterDAO treasury to support community governance and proposals within the ecosystem. Users will support this cause simply by transacting with the new stablecoin. We will provide periodic reports on these purchases and donations to ensure transparency and accountability.

Illustrating the Potential

Having a sustainability-focused stablecoin enhances the VeBetter ecosystem in multiple ways — offering new tools to support developers, apps and users. For example:

- Rewarding Sustainable Actions: Glo Dollars can be used in addition to B3TR to incentivize actions like litter cleanup (Cleanify), reusable cup usage (Mugshot), and sustainable shopping (GreenCart), or introduce new mechanisms to the rewards system.

- Cross-Border Donations: Stablecoin donations greatly benefits from the transparent nature of blockchain, with recipient addresses able to be verified and validated, rendering funds traceable across geographical borders.

- Treasury Support, Improving DeFi: Glo Dollar can help bolster the VeChainThor ecosystem’s DeFi platforms, creating a channel for new liquidity from the border market and providing dApps a way to more securely maintain their treasuries.

- Innovative collaborations: As VeChain partners with more organizations and businesses through VeBetter, the addition of a stablecoin creates new possibilities — such as the decentralized payment for completing certain tasks. Applications such as the Carboneers can use this infrastructure as payment for farmers in the global south, for example, saving costs and time.

VeUSD <> USDGLO Swap Initiative

In keeping with promises made to our community, we’re excited to share details on the VeUSD swap initiative. For a limited time, VeChain is helping support a direct VeUSD<>USDGLO swap pegged at a 1:1 ratio to facilitate a smooth transition for the community.

This swap functionality will be available on VeSwap (https://veswap.io/usdswap) for a limited period between March 18th to April 17th.

The VeChain Foundation has proactively acquired USDGLO specifically for the purpose of supporting community members who currently still hold the redundant VeUSD stablecoin.

With the launch of the VeUSD swap initiative, we proudly fulfil our promise to make users who were impacted by Prime Trust’s bankruptcy.

Building Toward New Frontiers

The launch of USDGLO on-chain opens up new opportunities for VeChainThor and our community. As we continue expanding our protocol through groundbreaking initiatives such as VeChain Renaissance, we look forward to continuing to introduce new innovative tools to VeChain, including new stablecoin opportunities, bridges, and other powerful tools.

USDGLO Stablecoin Launches on VeChainThor — Powering Green TVL & Enhancing VeBetter Ecosystem was originally published in VeChain on Medium, where people are continuing the conversation by highlighting and responding to this story.