VeChain (CCC:VET-USD) is on the rise today as investors prepare for a major change from the crypto.
VeChain announced yesterday that it’s planning to launch a new stablecoin tied to its VET crypto. The company says this will allow users and enterprises to create and burn tokens fully backed by the U.S. Dollar.
According to a Tweet from the VeChain Foundation, it also opens up the VET crypto to wider options. That includes preparing it for Decentralized Finance (DeFi), Web3, and “novel real world use cases.”
VeChain is also encouraging users to sign up for an account on Stably Prime and complete its know your customer requirements. IT says it has several events planned around the launch period of the VeUSD stablecoin and this will allow users to mint and burn tokens without delays. The company also says VeUSD will trade on exchanges after launch.
So what exactly is VeChain all about anyway? The crypto’s main focus is on tracking supply chain information for companies. This allows buyers to see the full history of a product’s development, which will hopefully cut down on fake products being sold.
While the VET crypto is currently only trading at around 9 cents, there’s major potential for growth. Considering its plans for a stable coin, as well as its roughly 300% growth in 2021, it looks like the crypto might have a strong showing this year.
VET is up 5.4% over a 24-hour period as of Wednesday morning.
Investors looking for more crypto news today are in luck!
We’ve got all the most recent crypto coverage that traders need to know about for Wednesday. That includes details on up-and-coming crypto Circuits of Value (CCC:COVAL-USD), what the future holds for Avalanche (CCC:AVAX-USD), as well as the latest on Decentraland (CCC:MANA-USD). You can find all of that at the following links!
More Crypto News for Monday
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.