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Waves founder announces new stablecoin as USDN depegs

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Waves founder announces new stablecoin as USDN depegs

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Waves Founder Announces New Stablecoin: USDN

Alexander Ivanov, the founder of the blockchain platform Waves, recently announced the creation of a new stablecoin pegged to the dollar, called USDN.

How Does USDN Work?

USDT depegs from the US dollar, allowing users to use a cryptocurrency that is equal to the value of 1 USD. To achieve this, USDN is 1:1 backed by US dollars, much like other stablecoins, such as Tether (USDT).

For technical reasons, USDN employs a different architecture from USDT to remain pegged. Namely: USDN is based on the Waves blockchain, which encourages faster transaction speeds and lower fees by using the Waves coin (WAVES) as collateral. When users deposit WAVES, they receive an equivalent amount of USDN in return. When they want to transfer their funds, they receive an equivalent amount of WAVES.

Benefits of USDN

USDT depegging makes it possible for users to exchange, and securely store, stablecoins without relying on a third party, such as an exchange. This means that the funds are always under the user’s control, providing a degree of security that other cryptocurrencies may lack. Additionally, USDN also benefits from lower transaction fees, making it more cost-effective than other stablecoins.

The Future of USDN

It is expected that USDN will become increasingly popular in the coming months, as it has already gained traction in the cryptocurrency community. With its combination of security, affordability, and ease-of-use, it is likely that USDN will become a major challenger to the existing stablecoins on the market.

Furthermore, Ivanov has stated that he plans to tap into other markets, such as real estate, as well as explore new use cases for USDN. This could open up exciting opportunities for investors and users alike.

Conclusion

In summary, Alexander Ivanov’s recent announcement of USDN has ignited enthusiasm in the cryptocurrency community. This new stablecoin offers a degree of control, low fees, and potential new markets, making it an attractive prospect for both users and investors.

Recently, the Founder and CEO of Waves, Alexander Ivanov, announced the launch of the new USDN Stablecoin, which will be the first of its kind to have a significantly de-pegged or uncoupled cryptocurrency to the US Dollar. This move is seen to revolutionize the way users experience transactions with a fully secure digital asset, which was built on the Waves blockchain platform.

Mr. Ivanov is one of the new and most successful entrepreneurs to come out of the Russian blockchain market, and his ambitious project is a step into a new era. The USDN Stablecoin is an important step to a more diversified and flexible cryptocurrency, as it will allow users all over the world to access secure, low-cost transactions with a truly uncoupled digital asset.

The USDN will be the first of its kind, with a slightly higher volatility than a fully-coupled USD-pegged asset (1.5%-2% instead of 1%). However, it also provides significant advantages over such a system, including full blockchain transparency, no counterparty risk, instant value liquidity, and more cost efficiency compared to other digital assets. Furthermore, Waves is planning to offer those advantages to other tokens and coins, which will allow its users to create their own stablecoins and leverage the Waves platform to benefit their business operations.

Overall, the announcement of the USDN has been very well received by the blockchain and cryptocurrency communities, and many believe that this will help usher in a new era of cryptocurrency control and financial freedom. The potential of such a de-pegged asset is vast, and we can expect to see more of them in the near future, ushering in a new level of safety and security for users of digital assets.

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