USDRIF Launches Offers New Possibilities In The Fight Against Currency Volatility

Manchester, United Kingdom, September 28th, 2023, Chainwire

A new stablecoin pegged to the US Dollar, RIF US Dollar (USDRIF) has been launched on Rootstock, the blockchain network that brings smart contract functionality to Bitcoin.

USDRIF has been designed to tackle real problems faced by people in countries across the world such as hyperinflation, local currency volatility and the high cost of sending money overseas.

USDRIF provides a stable asset for individuals and businesses who want to save or send money, but who may be disincentivized due to currency instability and inflation. Unlike many stablecoins which are controlled by single entities, USDRIF is decentralised in governance and operation.

The solution offers a straightforward and secure way for individuals to effectively acquire the stability of the US Dollar, which could make it useful in regions of the world where access to the currency is limited or expensive. In practice, businesses and individuals can use USDRIF to avoid crypto and fiat volatility by using it for payments, saving and sending.

Developed on the Bitcoin sidechain, Rootstock which brings smart contract functionality to Bitcoin, the stablecoin was launched by the team behind the Money on Chain protocol with expert support from IOV Labs.

Money on Chain is most well known as the protocol behind Dollar on Chain (DOC), the world’s first Bitcoin-backed stablecoin pegged to the US Dollar. Notably, Dollar on Chain was one of the only stablecoins that didn’t lose its peg to the dollar during the 2023 United States banking crisis. The key difference between USDRIF and DOC is that instead of using Bitcoin as collateral, the stablecoin is instead collateralized with the RIF token.

Built with accessibility in mind, users can either mint USDRIF via RIF On Chain, a decentralised application (dApp) or buy, sell, trade and swap existing USDRIF tokens across the world’s leading cryptocurrency exchanges, including Buenbit and Mt Pelerin. The RIF on Chain dApp itself is also not reliant on any centralised parties to operate as it is hosted on the InterPlanetary File System (IPFS), a decentralized protocol designed for storing and sharing data in a peer-to-peer network.

The stablecoin also underwent multiple security audits to ensure it could

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Author: Crypto Daily™

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