VeChain to release their own Stablecoin VeUSD

Vinod Dsouza
Source: Vechain

VeChain announced it would release its own stablecoin named ‘VeUSD’. The team has not specified a release date and mentioned “more details coming soon” on their Twitter handle. VeChain is entering the world of DeFi with the latest development with dual-tokenomics.

“#VeFam, we’ve got something special brewing.. Something that will allow us to take #VeChainThor to the next level in multiple ways. More details coming soon,” tweeted VeChain Foundation.

In a series of tweets, VeChain claimed that they aim to build a world of tomorrow and drive digitization across the global economy. They’re also working towards green sustainability and carbon reduction initiatives.

“As the world’s leading enterprise-grade public #blockchain, #VeChain is proud to be building the world of tomorrow,” the tweet read. VeChain confirmed that they’re working closely with their key channel partners in executing the development. “Alongside our key channel partners, we will drive digitization across the global economy and significantly advance sustainability and carbon reduction initiatives!”

VeChain: Is success only a matter of time?

While investors commended VeChain’s plans to release another stable coin VeUSD, their agony that the token dipped in price still remains. A user commented saying that though VeChain plans in helping to build a sustainable green world, the ‘green’ also needs to be reflected on its charts. VeChain has always been touted as the ‘sleeping giant‘ but it has not been put to theory.

However, VeChain Community Hub’s Twitter handle replied that the development is a stepping stone to success. “Future value is built from present-day actions. Value follows success. And VeChain is proving extremely successful. Just a matter of time.”

VeChain had a roller-coaster ride in 2021 and swung both up and down significantly. It touched an all-time high of $0.28 in April 2021 but is now down -69.7% from its ATH. Its price tested the patience of investors and has relatively remained stagnant since its dip. Since the last 30 days, Ve is down -12.2% and is down -13.7% in the last 7-trading days.

At the time of publishing, VeChain was trading at $0.08 and is down 1.8% in the 24-hours day trade.