Verona, a company backed by Circle, has launched its own stablecoin, verUSD, timed with Korea Blockchain Week in Seoul on September 28. The stablecoin is issued through Brale and is backed 1:1 by dollar reserves at regulated U.S. institutions. It is live on seven blockchain networks, including Ethereum and Solana. Verona previously used USDC for payments but sought more customization and granular detail, according to Anzalone, a company representative.
The company has secured $100 million in commitments, though this does not reflect the actual supply of verUSD. Over $60 million of signed revenue is expected to settle in verUSD, with additional commitments from investors like Animoca Ventures, Figment Capital, Sfermion, and Arkstream. Verona emphasizes that it is not focusing on total value locked (TVL) as a metric but rather on practical applications.
Verona, formerly known as XION, specializes in zero-knowledge proofs to verify data at its source. The stablecoin is designed to facilitate payments for verified events, such as flight delays, with global reach. Anzalone anticipates users will find verUSD seamless, enabling everyday transactions like buying coffee or integrating with credit cards, similar to USDC.
The move to issue its own stablecoin allows Verona to retain reserve income in-house rather than sharing it with established stablecoin issuers like Circle or Tether. Competitors in this space include Stripe's Bridge and the Open USD coalition, backed by Visa and Mastercard. Despite early traction claims, such as a flagship project generating $200,000 in revenue, Verona's usage figures and brand partnerships have not been independently verified.