New Stablecoin Protocol Launched on Rootstock: Introducing USDRIF
A new stablecoin pegged to the US Dollar, RIF US Dollar (USDRIF) has been launched on Rootstock mainnet.
USDRIF aims 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.
Accessible via the RIF on Chain dApp or through multiple exchanges and on-ramps, USDRIF offers a straightforward and secure way for individuals to effectively acquire the stability of the US Dollar, which could make it useful in regions of the world where access to the currency is limited or expensive. In practice, businesses and individuals can use USDRIF to avoid volatility by using it for payments, saving, and sending.
USDRIF has been designed to replace the existing stablecoin RDOC while introducing enhanced features and functionality. RDOC users can exchange their tokens for USDRIF on a 1:1 basis using the ‘swap’ function in the RIF ON CHAIN app.
Built with accessibility in mind, users can either mint USDRIF via RIF On Chain, a decentralized application (dApp), or buy, sell, trade, and swap existing USDRIF tokens across the world’s leading cryptocurrency exchanges, including Buenbit, one of the leading cryptocurrency exchanges in Latin America.
Commenting on the new stablecoin, Federico Ogue, CEO of Buenbit said: “RIF on Chain is a decentralized and non-custodial protocol. It uses an over-collateralization 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.”
The RIF on Chain dApp itself is also not reliant on any centralized 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.
By harnessing the power of Bitcoin, stablecoins on Rootstock like USDRIF could offer a practical lifeline for those affected by hyperinflation, currency control, or the high fees associated with traditional remittances.
As well as helping individuals and businesses avoid the effects of currency devaluation, USDRIF provides countless new opportunities for developers working on the Rootstock blockchain to build upon. As an open-source protocol, anyone can integrate RIF on Chain into their products. Businesses involved in the field of remittances, saving, lending, and sending are able to use the USDRIF stablecoin to develop innovative new solutions that make a real impact on the lives of people around the world.
This article is for general information purposes only. It does not constitute legal, financial, or other professional advice, and should not be relied upon as such. IOV Labs accepts no responsibility for any loss or damage that may arise from reliance on information contained in this publication. Readers should seek independent professional advice before making any investment or financial decisions based on the information contained in this publication.
This publication is intended to provide an indication of stablecoins and potential scenarios in the finance industry and does not guarantee any particular outcome. Any reference to specific products, services, companies, or organizations does not imply endorsement or recommendation by IOV Labs. Readers are advised to conduct their own research and due diligence before acting on any information contained in this publication.