Stablecoins offer several advantages in the decentralized economy, including reduced volatility and seamless transferability between exchanges. They are typically supported by digital assets stored in transparent smart contracts.
The rise of DeFi and NFT has been driven in part by the use of stablecoins, which are characterized by their trustless and secure nature, with limited or no third-party control. The collateral backing these coins can be easily verified on a public blockchain, enabling secure transactions without the need for trust in a central authority.
Cross-chain compatibility makes stablecoins a valuable tool as a medium of exchange, allowing them to maintain a stable value relative to a fiat currency. This stability makes them more useful than highly volatile cryptocurrencies in facilitating transactions.
For issuers, cross-chain capability enables the benefits of stablecoin payments, such as the ability to mint, buy back, and redeem coins as needed, and to quickly convert volatile assets into stablecoins to mitigate market risk. Stablecoins hold great potential for advancing the development and use of blockchain and cryptocurrency.
Since the inception of RENEC, our goal has been to create an open and accessible infrastructure for the multi-chain era, enabling all individuals to participate in the decentralized economy regardless of their blockchain expertise. Today, we are thrilled to announce a major milestone in achieving this vision with the launch of reUSD, our new cross-chain solution designed to promote a user-friendly decentralized economy.
The world of stablecoins has faced a number of challenges, including the collapse of some uncollateralized stablecoins, which can have a negative impact on the market capitalization of all stablecoins. The stability of true stablecoins is tied to their design as non-interest-bearing coins with a stable value against a reference currency like the USD.
Collateralized stablecoins offer several benefits to their users. One of the key advantages is lower transaction fees compared to traditional credit card processing. Stablecoins offer the same benefits as credit transactions without the high costs associated. Additionally, stablecoins provide global commerce opportunities, especially in countries with unstable monetary systems.
The reUSD is a stablecoin supported by a pool of well-established, reputable fiat-backed stablecoins like USDT by Tether. This backing provides reUSD holders with the option to convert their tokens into USDT, which is widely used in the Web3 ecosystem. In the event of redemption, the equivalent amount of the collateralizing asset will be made accessible to the holder.
The stability of reUSD is secured through two key commitments by the RENEC Foundation. Firstly, the Foundation commits to minting and repurchasing coins at par. Secondly, it holds assets to fulfill its obligation to redeem outstanding stablecoins.
#What is reUSD?
reUSD is a stable and secure digital asset that offers stability in value. Its value is tied to a reserve of popular stablecoins, starting with USDT in the first phase, and potentially expanding to include other stablecoins in the near future. This makes reUSD a dependable store of value within the blockchain environment. With high liquidity and low trading fees and administrative requirements, reUSD simplifies the process of exchanging it for other cryptocurrencies on the RENEC blockchain or fiat currencies, making it an ideal choice for traders.
#How does reUSD supply?
reUSD is a decentralized stablecoin built on the RENEC blockchain using RPL token technology. It is fully collateralized by assets held in Reserve, with a collateral requirement of $1 of stablecoin assets for every reUSD minted. Initially, the conversion ratio for minting reUSD will be set at $1 worth of USDT, a fiat-backed stablecoin on the Ethereum network.
reUSD is fully supported by a diverse range of assets held in the reUSD Reserve smart contract. These backing assets are carefully secured within the contract to guarantee their availability for redemption by users at any moment.
Reserve smart contract of reUSD on Ethereum network: https://etherscan.io/address/0x506BF5765F67eB3a5B8AB1419853cb87171509Ff
reUSD is redeemable at a 1:1 ratio for its underlying collateralized stablecoin in Reserve. Conversion from USDT(ERC20) and other stablecoins into reUSD is free of charge, however, a nominal fee of less than 0.5% may be applied during redemption. This fee is subject to change based on market conditions.
reUSD is a fully-backed stablecoin, issued in RPL token standard (RENEC blockchain)
Here is its contract address: https://explorer.renec.foundation/address/4Q89182juiadeFgGw3fupnrwnnDmBhf7e7fHWxnUP3S3/largest
#How can I get reUSD?
Converting USDT(ERC20) to reUSD directly via reUSD.renec.foundation
#Where can I store reUSD?
Users can store and manage their reUSD on our non-custodial wallet, DEMON:
- Web version: wallet.renec.foundation
- Chrome extension: https://chrome.google.com/webstore/detail/demon-wallet/mdjmfdffdcmnoblignmgpommbefadffd
More options will be updated soon.