Verona, a Circle-backed fintech company, has launched its own stablecoin, verUSD, during Korea Blockchain Week in Seoul. The stablecoin is issued through Brale and is backed 1:1 by dollar reserves held at regulated US institutions. It is live on seven blockchain networks, including Ethereum and Solana. Verona previously relied on USDC but sought more customization and granularity.
The company has secured $100 million in commitments, though this does not represent the current supply of verUSD. Over $60 million of signed revenue is expected to settle in verUSD, with additional commitments from investors such as Animoca Ventures, Figment Capital, Sfermion, and Arkstream. Verona aims to use verUSD for payments and verifications, such as compensating users for flight delays or ride-sharing transactions.
Verona's CEO, Anzalone, highlighted the need for a stablecoin that can facilitate global payments seamlessly. The company has partnered with brands like Uber, Nike, and Amazon, though these partnerships have not been independently verified. The launch of verUSD marks a shift from USDC, with Circle and Coinbase's venture arms involved in the deal.
Industry experts note the challenges of introducing new stablecoins, citing the dominance of USDC and Tether's USDT, which together account for over $250 billion of the $311 billion stablecoin supply. Verona's move to issue its own stablecoin reflects a broader trend of companies seeking to retain reserve income rather than relying on established issuers like Circle.