blockchainreporter.net
In a significant move for global crypto transactions, BitStore.com has announced its strategic partnership with USDD, the over-collateralized stablecoin. This collaboration marks a crucial advancement in the integration of stablecoins into everyday financial activities, offering BitStore.com users the ability to top-up their accounts with USDD and use it for seamless spending worldwide.
BitStore.com Enhances Its Stability And Security
The primary benefit of this partnership for BitStore.com users is the enhanced stability it brings to their financial transactions. USDD, known for being an over-collateralized stablecoin, maintains a minimum collateral ratio of 120%, providing a buffer against market volatility. This stability is crucial for users who seek to use their cryptocurrency for everyday transactions without the usual risks associated with price fluctuations in the market.
https://t.co/dngAnOwk4X
— BitStore.com | $STORE (@www_bit_store) May 23, 2024
Furthermore, this integration supports BitStore.com’s commitment to transaction security. As the platform continues to expand its dominance within the Web3 space, the addition of a stable and reliable coin like USDD ensures that users can manage their finances with enhanced trust and security. This move is expected to attract more users to the platform, looking for dependable ways to integrate cryptocurrencies into their daily lives.
The key advantages for BitStore.com’s users include:
- Stability in Transactions: Utilize USDD, an over-collateralized stablecoin, for regular transactions to ensure stability and confidence despite market fluctuations.
- International Scope with Local Compliance: USDD helps extend Bit.Store’s operations globally while maintaining compliance by not providing services in the U.S., thus adhering to local regulatory standards.
- Access Across Multiple Blockchains: USDD can be used on various blockchain platforms, enhancing the versatility and usability of Bit.Store’s Web3 card in different cryptocurrency ecosystems.
- Enhanced Transaction Options: Broaden your transaction possibilities with an array of stablecoins, promoting a versatile and adaptable spending environment within the Bit.Store framework.
BitStore.com Expands Global Reach
The collaboration between BitStore.com and USDD significantly widens the operational horizon for BitStore.com, extending its reach across the globe. Although USDD expands BitStore’s functionality on a global scale, the platform remains compliant with regional regulations by not offering services in the U.S.
Additionally, the partnership diversifies the blockchain ecosystems accessible through the BitStore Web3 card. USDD is available on multiple public chains, including TRON, Ethereum, BNB Chain, and Avalanche, among others. This multi-chain accessibility increases the flexibility for BitStore.com users, allowing them to operate across various crypto environments.
USDD functions as a decentralized stablecoin, supported by a strong security framework based on over-collateralization. It maintains its stability and market value by leveraging a variety of popular digital assets such as TRX, BTC, and USDT as collateral. The value of these assets is always significantly higher than the total circulating supply of USDD, providing a solid financial foundation for the stablecoin.
A critical feature that supports USDD’s stability is the setting of a fixed collateral ratio at 175%. This means that for every USDD issued, there is 1.75 times the value in collateralized assets, enhancing USDD’s ability to withstand market fluctuations.
Should there be any price changes in these collateral assets, this extra cushion helps to prevent USDD from deviating from its peg to the US dollar. The thorough over-collateralization of USDD aims to ensure its reliability and set it apart from other decentralized stablecoins like Terra, which faced issues due to lack of sufficient collateral and reliance on its associated currency, Luna, for backing.