TL;DR
- Former ConsenSys employee Jack Jia launches USD3, a new stablecoin.
- USD3 is backed 1:1 by the US dollar and will be launched on multiple blockchains.
- The goal is to facilitate global payments and improve access to crypto markets for businesses and developers.
Jack Jia, former ConsenSys employee and current co-CEO of Stable.com, has announced the launch of a new stablecoin called USD3.
This announcement was made during the Consensus 2024 event in Austin, Texas.
USD³ is a 1:1 US-dollar extension. 🔥
Available on https://t.co/AUHt3jgqJN, USD³ simplifies life for developers, streamlining global payments & access to #crypto markets for businesses. 🚀
Avaliable soon on @Ethereum, @0xPolygonDeFi, @avax, @LineaBuild & multiple major…
— Stable.com (@Stabledotcom) May 29, 2024
USD3 is presented as a “payments-focused” stablecoin and is backed 1:1 by the US dollar, with the goal of expanding its use in global commerce and Web3 applications.
This digital currency will be deployed on several blockchain platforms, including Ethereum, Polygon, Avalanche and Linea, among others.
Stablecoins, like USD3, are digital assets designed to maintain a stable value by being pegged to a reserve asset, such as a fiat currency or commodity.
They are popular tools in the decentralized finance (DeFi) space, used for trading, lending, and as a means to access dollar stability in countries where this currency is not readily available.
Jack Jia stressed that USD3 has been developed by learning from the mistakes of previous projects and that his vision is to create a “future-proof” stablecoin.
The goal is to achieve mass adoption and establish USD3 as the foundation of a new global payments system.
For businesses and developers, USD3 offers a reliable, low-cost way to transact, plus access to a variety of payment tools that enhance its usability.
USD3 Regulation and Future Outlook
In the regulatory context, the introduction of the Lummis-Gillibrand Payment Stablecoin Act in the United States on April 17 is a significant development.
This legislation seeks to provide a clear framework for stablecoins, which could encourage greater adoption by increasing trust in these digital assets.
In Europe, the Markets in Crypto Assets (MiCA) regulation also requires regulatory compliance for stablecoin issuers.
However, the lack of clarity has led some platforms, such as OKX, to discontinue support for the USDT stablecoin in the European Union and the European Economic Area.
USD3 is designed to be accessible on multiple blockchains, expanding its availability to users.
Among the platforms on which it will be available are Ethereum, Linea, Polygon, Avalanche, Arbitrum, Aurora, Cronos, BNB Chain, Optimism, Moonbeam and Gnosis Chain.
This wide availability reflects Stable.com‘s intention to make USD3 a versatile and accessible tool for various use cases.
