Verona, formerly known as XION, has launched verUSD, a new stablecoin designed to replace USDC in its payment systems. The announcement came on September 28, coinciding with Korea Blockchain Week in Seoul. verUSD is issued through Brale and is backed 1:1 by dollar reserves at regulated US institutions. It is live on seven blockchain networks, including Ethereum and Solana.
Verona's CEO, Anzalone, explained that the company had used USDC for the past three years but sought more customization and granular detail. The stablecoin has secured $100 million in commitments, with $60 million in signed revenue expected to settle in verUSD. Investors include Animoca Ventures, Figment Capital, Sfermion, and Arkstream.
verUSD aims to power real-world applications, such as verifying flight delays and paying out compensation in stablecoins. Anzalone emphasized that users should not notice the switch from USDC, as verUSD will function like dollars and support everyday transactions. The company has already integrated with major brands like Uber, Nike, and Amazon, though these claims have not been independently verified.
The launch comes as Circle, the issuer of USDC, faces competition from other stablecoin providers. Verona's move to issue its own stablecoin allows it to retain reserve income in-house rather than passing it to Circle or Tether. Stablecoin supply currently stands at about $311 billion, with Tether's USDT dominating at $183 billion and USDC at $73 billion.