Singapore, Singapore, August 17, 2021: HaloDAO, a decentralized finance ecosystem focused on bootstrapping usage for fiat backed stablecoins, has partnered with TrustToken, a regulated stablecoin issuer known for its series of "TrueCurrency" tokens. As a result of the partnership, HaloDAO will add support for TAUD, TCAD, TGBP and THKD into its dApp for a planned release in September 2021. HaloDAO will aim to support liquidity between the non-USD stablecoins and cryptocurrency tokens like ETH and MATIC.
As DeFi and Play-to-Earn initiatives continue to gain steam, allowing users to denominate their trades in local currencies becomes an urgent need. Oftentimes, players who earn tokens from NFT gaming are unable to on and off ramp easily.
HaloDAO was created to spearhead DeFi and crypto adoption, focusing heavily on building stablecoin liquidity networks on countries outside of the United States, particularly in Asia, where local currencies hold much more sway in day-to-day payments and trade due to its fungibility. To bridge the chasm between fiat and crypto, in particular, HaloDAO focuses on building the DeFi liquidity network and works with Trust Token to provide greater on and off ramps support into the ecosystem.
Unfortunately, liquidity for non-USD stablecoins is poor, which forces many to default to USD even if the local currency is more relevant for their needs. HaloDAO aims to address this market need by jumpstarting demand for alternative stablecoins and connecting global users with the DeFi ecosystem of DeFi yield and trading.
Crucial to HaloDAO’s success is the ability to quickly and easily bridge fiat and crypto, which is why the partnership with TrustToken is particularly important. TrustToken enables users to easily mint and redeem between fiat and stablecoins. Each stablecoin issued is fully collateralized with the underlying currency and the funds are held with custody partners that include banks and trust companies. With more than $1 billion in liquidity, HaloDAO aims to tap into the deep liquidity pools for Trust Token to grow the decentralized liquidity network.
The regulated nature of TrustToken stablecoins is also relevant amid recent signs of attention by government agencies worldwide. By relying on TrustToken, HaloDAO users can be confident that access to their funds will not be suddenly switched off.
Jun Yong, co-founder of HaloDAO, said:
"TrustToken offers a wide selection of non-USD stablecoins and boasts an impeccable reputation and regulatory standing, making it almost a critical partner for HaloDAO. Like for many other attempts at non-USD stablecoins, it’s safe to say that adoption of any token beyond TUSD has been limited so far. We believe it’s an issue of liquidity and usability in the market, and together we can finally give a proper spin to this adoption flywheel, creating meaningful non-USD crypto markets."
TrustToken CEO and founder, Rafael Cosman, said:
"As TUSD hits new highs, we are excited to see projects like HaloDAO begin to build new use cases for our non-USD currencies! We aim to work with them to expand DeFi and crypto use cases to new markets throughout Asia and the world."
HaloDAO was founded by Yong Jun Ming and Christopher Verceles, formerly of ConsenSys, who were inspired to create the project by working on blockchain for social impact initiatives within the firm. Studying economies such as in the Philippines and other Asian countries, their conclusion was that enterprises and consumers shared a common root problem of inefficient value transfer. By making onboarding as easy as possible and promoting liquidity networks, HaloDAO can facilitate international and local value transfer within real economies.
About HaloDAO
HaloDAO aims to build inclusive Web 3.0 infrastructure to bridge traditional and permissionless finance. We do this by building a stablecoin optimized Automated Market Maker (AMM) and Lending Market, to facilitate efficient, on demand currency exchange and a stablecoin specific lending market that provides high interest yields on local currencies.
About TrustToken
TrustToken builds modern financial infrastructure to make economic opportunity open to all. TrustToken’s TrueCurrencies (TUSD, TGBP, THKD, TCAD and TAUD) are the world’s first and only independently live-attested, fully collateralized stablecoins.
Collectively trading on over 100 exchanges and OTC desks, TrueCurrencies generate billions in monthly volume in +150 countries. Enjoy near instant transactions, the lowest transaction costs of any stablecoin, easy exchange between fiat, obsessive customer service and easy access to earning opportunities.
The TrueFi platform is pioneering a new approach to on-chain uncollateralized lending, letting TRU holders vote on borrowers and deal terms and creating more ways for users to generate returns in DeFi.
Contacts
- Jun Yong
- Jun.yong@halodao.com