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[PRESS RELEASE – Manchester, United Kingdom, September 28th, 2023]
A new stablecoin linked to the US Dollar, RIF US Dollar (USDRIF), has been introduced on Rootstock, the blockchain network that integrates smart contract capabilities with Bitcoin.
USDRIF aims to address significant challenges encountered by individuals in various countries, such as hyperinflation, local currency fluctuations, and the high expenses associated with international money transfers.
This stablecoin offers a reliable asset for both individuals and businesses looking to save or transfer funds, particularly those deterred by currency instability and inflation. In contrast to many stablecoins that are governed by single entities, USDRIF operates with decentralized governance and management.
The solution provides a simple and secure method for users to effectively obtain the stability of the US Dollar, making it potentially beneficial in areas where access to the currency is limited or costly. In practice, businesses and individuals can utilize USDRIF to mitigate both crypto and fiat volatility for payments, savings, and transfers.
Developed on the Bitcoin sidechain, Rootstock, which enables smart contract functionality for Bitcoin, the stablecoin was launched by the team behind the Money on Chain protocol, with expert assistance from IOV Labs.
Money on Chain is primarily recognized as the protocol behind Dollar on Chain (DOC), the first Bitcoin-backed stablecoin pegged to the US Dollar. Notably, Dollar on Chain was among the few stablecoins that maintained its peg to the dollar during the 2023 banking crisis in the United States. The main distinction between USDRIF and DOC is that while DOC uses Bitcoin as collateral, USDRIF is collateralized with the RIF token.
Designed with user accessibility in mind, individuals can either mint USDRIF through RIF On Chain, a decentralized application (dApp), or buy, sell, trade, and swap existing USDRIF tokens on leading cryptocurrency exchanges, including Buenbit and Mt Pelerin. The RIF on Chain dApp itself operates independently of any centralized entities, as it is hosted on the InterPlanetary File System (IPFS), a decentralized protocol intended for data storage and sharing in a peer-to-peer network.
The stablecoin has also undergone several security audits to ensure its safe and secure operation prior to its launch, including an assessment by the third-party security firm, Quill.
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Federico Ogue, CEO of Buenbit, one of the largest cryptocurrency exchanges in Latin America that will be listing USDRIF, stated: “RIF on Chain is a decentralized and non-custodial protocol. It employs 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 serve as a significant resource for individuals operating in regions like LatAm, which are currently facing elevated inflation rates. By leveraging the capabilities of Bitcoin, Bitcoin-backed stablecoins such as USDRIF provide a practical solution for those impacted by this situation. Furthermore, initiatives like USDRIF are contributing to the expansion of potential use cases for Bitcoin and ensuring broader access to equitable money transfer services.
With solutions like USDRIF, cross-border payment transfers can be executed in a more efficient and cost-effective manner, allowing recipients to receive the exact amount sent almost immediately after the transaction.
In addition to assisting individuals and businesses in mitigating the impacts of currency devaluation, USDRIF opens up numerous new opportunities for developers working on the Rootstock blockchain. Companies involved in remittances, savings, lending, and transfers can utilize the USDRIF stablecoin to create innovative solutions that positively influence the lives of people globally.
USDRIF has been developed on Rootstock, recognized as the most secure and censorship-resistant Bitcoin sidechain. Fifty percent of the hash power securing Bitcoin also protects Rootstock through a process known as merge mining. This indicates that Rootstock is backed by more hashing power than any other blockchain apart from Bitcoin itself.
Rootstock was created by a team of Argentinian engineers and entrepreneurs aiming to address the real-world challenges they faced due to an unstable economy. It now serves as the foundation for a fully decentralized financial system built on Bitcoin.
The launch of the stablecoin is accompanied by a whitepaper, which is accessible online.
For additional information regarding USDRIF, please visit: https://rifonchain.com/
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