Fuse Network communities can now easily create stablecoins powered by their own native currency for reliable payments, better discounts and incentives. Fuse joins other leading DeFi projects, including 1inch Network and Filecoin, in launching their own in-house stablecoins with ICHI.
Fuse Network, the leading blockchain infrastructure enabling easy mobile payments, announces a new partnership with ICHI to empower any community to fully control its own money.
Fuse is used by more than 1,200 businesses and communities around the world to easily create customized wallets, payments services, loyalty programs and any other decentralized financial systems. The new partnership with ICHI builds on this vision by now enabling any community on the Fuse Network to create its own stablecoin worth exactly $1 USD that is uniquely backed by both USDC and that community’s native token.
Stablecoins have become an indispensable tool for making cryptocurrencies suitable for paymentsbut existing options all come with tradeoffs. Popular stablecoins like USDC and Tether rely on centralized issuers and remove value from other cryptocurrencies that have to be sold to mint coins (much like how selling a stock decreases the value of that stock). Automated smart contract-based fiat-pegged stablecoins like DAI require the user to overpay for the value of the stablecoin that they receive.
ICHI’s revolutionary protocol, which is fully audited by Quantstamp, solves these problems. Stablecoins created through ICHI known as ‘oneTokens‘ are capital efficient, pegged to the US dollar and overly-collateralized by a blend of fiat coins and the community’s native scarce token, driving value back to the community. Stablecoins developed using ICHI also enable communities and businesses to offer better discounts, rewards and incentives to their customers. This is possible through the establishment of a community governed treasury that can be invested to earn yield and ensure each stablecoin is over-collateralized.
This partnership comes after the successful launch of ICHI stablecoins for the Filecoin and 1inch Network communities to enable decentralized peer-to-peer transactions. More than $3.5 million oneFIL and one1INCH stablecoins have already been minted in just the last few weeks.
Mark Smargon, CEO of Fuse Network, said,
“The implementation of ICHI’s protocol will allow Fuse Network to accelerate our mission of putting truly democratized and borderless money into the hands of millions. ICHI’s easy-to-use decentralized stablecoin factory perfectly complements our existing sandbox of tools to provide any business or community with the tools needed to utilize their own mobile money.”
Bryan Gross, former principal product manager of IBM Blockchain who now serves as an ICHI steward, said,
“Our partnership with Fuse Network will further our shared mission of giving anyone complete freedom over how they spend, invest, save and otherwise use their money. This partnership will provide the building blocks any community needs to operate their own truly decentralized, sustainable and scalable economies.”
To kick off the partnership, a new stablecoin for the Fuse Network community called oneFUSE has been created. oneFUSE will eventually replace fUSD, Fuse’s existing stablecoin. While fUSD is backed entirely by USDC, requiring FUSE tokens to be sold, oneFUSE requires a blend of both USDC and the FUSE token, keeping more value locked in the Fuse Network.