[PRESS RELEASE – Manchester, United Kingdom, September 28th, 2023]
A new stablecoin pegged to the US Dollar, RIF US Dollar (USDRIF) has been launched on Rootstock, the blockchain network that brings smart contract functionality to Bitcoin.
USDRIF has been designed 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.
USDRIF provides a stable asset for individuals and businesses who want to save or send money, but who may be disincentivized due to currency instability and inflation. Unlike many stablecoins which are controlled by single entities, USDRIF is decentralised in governance and operation.
The solution 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 crypto and fiat volatility by using it for payments, saving and sending.
Developed on the Bitcoin sidechain, Rootstock which brings smart contract functionality to Bitcoin, the stablecoin was launched by the team behind the Money on Chain protocol with expert support from IOV Labs.
Money on Chain is most well known as the protocol behind Dollar on Chain (DOC), the world’s first Bitcoin-backed stablecoin pegged to the US Dollar. Notably, Dollar on Chain was one of the only stablecoins that didn’t lose its peg to the dollar during the 2023 United States banking crisis. The key difference between USDRIF and DOC is that instead of using Bitcoin as collateral, the stablecoin is instead collateralized with the RIF token.
Built with accessibility in mind, 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.
The stablecoin also underwent multiple security audits to ensure it could provide safe and secure performance prior to launch including one from third-party security firm, Quill.
Federico Ogue, CEO of Buenbit one of the largest cryptocurrency exchanges in Latin America who 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 could be a powerful tool for individuals operating across regions like LatAm, which are currently experiencing high levels of inflation. By harnessing the power of Bitcoin, Bitcoin-backed stablecoins like USD RIF offer a practical lifeline for those affected by this issue. Additionally, solutions like USDRIF are helping to expand the potential use cases for Bitcoin and ensuring more individuals have access to equitable money transfer services.
With solutions like USDRIF, cross-border payment transfers can happen in a much more time and cost-effective manner, enabling people to receive exactly the amount that they have sent almost immediately after sending it.
As well as helping individuals and businesses to avoid the effects of currency devaluation, USDRIF provides countless new opportunities for developers working on the Rootstock blockchain to build upon. 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 in the lives of people around the world.
USDRIF has been built on Rootstock, the world’s most secure and censorship-resistant Bitcoin sidechain. 50% of the hash power used to secure Bitcoin is also securing Rootstock through what is known as merge mining. This means Rootstock is secured by more hashing power than all other blockchains besides Bitcoin itself.
Rootstock was built by a group of Argentinian engineers and entrepreneurs who wanted to solve the real-world problems they experienced from an economy that was failing them. It now serves as the foundation for a fully decentralised financial system built on Bitcoin.
The launch of the stablecoin is supported by a whitepaper, which is available to read online.
For more information about USDRIF, please visit: https://rifonchain.com/
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