As stablecoins continue to thrive within the digital currency ecosystem, the USDRIF has been launched on the Rootstock blockchain network.
The launch looks to tap into the benefit of the Rootstock ecosystem, which brings smart contract functionality to Bitcoin.
Furthermore, USDRIF is looking 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.
Federico Ogue, CEO of Buenbit, one of the largest cryptocurrency exchanges in Latin America whcih will be listing USDRIF, commented: “RIF on Chain is a decentralized and non-custodial protocol. It uses an overcollateralization of the RIF token as collateral, which is implemented on the Rootstock network, the first Bitcoin sidechain to leverage the security of Bitcoin hashing power through merge mining.
“This means that unlike other stablecoins, USDRIF is a truly decentralized asset, meaning there is no centralized company or party controlling it. In addition, the guarantee that supports it is visible to everyone, which ensures transparency.”
USDRIF has underlined that it is aiming to provide a stable asset for individuals and businesses who want to save or send money, but which may be disincentivized due to currency instability and inflation. It also detailed that in contrast to many other stablecoins which are controlled by single entities, USDRIF is decentralised in governance and operation.
Built with a focus on accessibility, 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.