Home / Crypto News / Payment application utilizing USD-linked stable coin to launch in Venezuela

Payment application utilizing USD-linked stable coin to launch in Venezuela

Startup · Reserve to develop a hybrid stable coin to work with the US dollar “Reserve Dollar (RSD)” was found to launch the payment application in Venezuela, which is in the midst of the economic crisis.

The app, which will be released on Google Play soon, says that it is possible to exchange local legal currency Bolivar and RSD .

Venezuela’s economic crisis over the current administration has caused Bolivar’s hyperinflation, which has reached about 1.7 million percent in 2018, and its value is still decreasing by about 10 percent every day .

Along with this, cryptographic assets such as Bitcoin (BTC) and Dash (DASH) have begun to be widely used in Venezuela, but if Reserve’s app spreads, citizens will be able to distribute assets to US dollar derived assets as well. You

Reserve’s RSD, which is funded by many major companies such as the coin base, is a ” hybrid type ” in which not only the issue amount is secured in US dollars but also the price stability mechanism using the utility token and RSR is installed. It is a stable coin.

RSR will be listed on the leading crypto asset exchange, Huobi ‘s IEO platform ” Huobi Prime “.

Article Source: CoinTelegraph, Reserve

Author: Yuya 【Coin Desk News】 – Source Post: https://crypto-times.jp/reserve-to-launch-payment-app-in-venezuela/

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