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IOST announces cross chain type stable coin “iUSD”

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The blockchain platform IOST, which launched the main net at the end of last month, announced that it will launch its own USD peg type stable coin ” iUSD ” next week.

iUSD is called “ Cross Chain Stable Coin ” and is a token that allows you to manage and use other stable coins such as Paxos Standard ($ PAX) and Gemini USD ($ GUSD) on the IOST chain.

The token also supports PAX, GUSD, and TrueUSD ($ TUSD), Circle USD ($ USDC), and DAI ($ DAI).

Swap between stable coins is performed through a protocol called Rate3 Network.

The basic mechanism is to send a currency such as PAX to the wallet of Rate 3 existing on the parent chain, and Rate 3 issues iUSD 1: 1 with the amount received and sends it to the sender’s IOST wallet .

The same applies when reconverting iUSD to various stable coins. When iUSD is sent to the designated IOST address of Rate3, a considerable amount is returned from the Rate3 wallet present in the parent chain of the conversion destination .

The aim is to create an environment in which various transactions and DApps can be used more efficiently by enabling assets in other chains, especially stable coins, to be managed on IOST.

The launch of iUSD is scheduled for next week, and the official said that it will increase the number of stable coins corresponding to the needs in the future .

Article Source: Medium-IOS Foundation

Author: Yuya 【Coin Desk News】 – Source Post: https://crypto-times.jp/iost-to-release-cross-chain-stablecoin-iusd/

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