HomeNewsIOTA Gains Traction in DeFi as Fluent Finance Unveils USPlus Stablecoin in...

IOTA Gains Traction in DeFi as Fluent Finance Unveils USPlus Stablecoin in Trillion-Dollar Market

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  • Fluent Finance set to introduce USPlus, a USD-pegged stablecoin, on IOTA and Shimmer blockchains.
  • The integration aims to fuse banking and blockchain, offering banks the ability to issue their own digital currencies.

Fluent Finance’s Forward Step with IOTA

In an era where the fusion of traditional banking and blockchain is no longer just theoretical, IOTA, one of the blockchain stalwarts, is stepping up its decentralized finance (DeFi) game. Fluent Finance’s recent announcement underscores this evolution. On October 13, 2023, the decentralized finance platform unveiled its blueprint to execute smart contracts on both IOTA and Shimmer blockchains. The linchpin of this integration is the deployment of USPlus stablecoin, a cryptocurrency tethered to the US dollar and underpinned by fiat.

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Elevating the IOTA Ecosystem with USPlus

USPlus isn’t just another stablecoin; it’s an emblem of Fluent Finance’s commitment to usher in a broader adoption of their stablecoin vision. Emphasizing the significance of the IOTA integration, representatives from the platform extolled the collaborative spirit, celebrating the amalgamation of Fluent’s innovative drive with IOTA‘s vibrant community of tech pioneers.

What’s particularly riveting about IOTA is its unique tech architecture. Beyond the conventional blockchain consensus mechanisms, IOTA boasts of the “Tangle” – a novel design that offers gasless digital ID functionality. This distinctive feature resonated with Fluent Finance, which applauded the Tangle community’s dynamism, instrumental in smoothing out the USPlus roll-out intricacies.

For those seeking to harness USPlus, the stablecoin isn’t confined to the IOTA or Shimmer ecosystem. It’s available on the Bitrue centralized exchange and can also be procured from Uniswap v3 decentralized exchange platform variants anchored on Ethereum, Celo, and Arbitrum. Additionally, DeFi aficionados can tap into it on the XDC Network, a derivative of Ethereum (ETH). Notably, Shimmer had previously showcased its prowess by unveiling an EVM-compatible platform for decentralized applications (dApps) just last month.

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Crafting a New Banking-Blockchain Blueprint

Fluent Finance isn’t merely focused on token generation. Their overarching objective is to bridge the chasm between blockchains and traditional banking infrastructure. By concentrating on deposit tokens – digital assets that maintain a stable value, abide by regulatory norms, and seamlessly integrate with core banking frameworks – Fluent Finance is paving the way for banks to pioneer their digital currencies. These can then operate in tandem with state-endorsed Central Bank Digital Currencies (CBDCs).

A testament to Fluent Finance’s dedication to transparency in the Web3 realm is the meticulous 1:1 pegging of the USPlus stablecoin to the U.S. dollar. This peg is discernible through banking Application Programming Interfaces (APIs), ensuring utmost clarity for all stakeholders.

Connect with Collin Brown on X (Twitter) for valuable market insights, frequent updates, and a touch of humor! 

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Collin Brown
Collin Brown
Collin is a Bitcoin investor of the early hour and a long-time trader in the crypto and forex market. He's fascinated by the complex possibilities of blockchain technology and tries to make matter accessible to everyone. His reports focus on developments about the technology for different cryptocurrencies.
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