By Nathan Ferguson
The crypto industry has seen a week of the bullish trend at the start of 2023. Avalanche has moved toward making further advancements in its strategy to provide more services to consumers. In line with its new plan, the platform has made a key announcement. The company has disclosed hosting a unique stablecoin. The firm has formally confirmed to provide support for the USP stablecoin which has been developed by Platypus DeFi.
Avalanche Expresses a Strategy to Host a Unique Stablecoin Named USP
The news was initially confirmed by Platypus on its official Twitter channel. The respective stable coin will be included in the main pool of Avalanche. This move will play a significant role in the stability of USP. Apart from that, the collateralization mechanism of Avalanche will utilize the rest of the stablecoins. As noted in the official tweets of Platypus, the value of the USP token will have a substantial hike as a result.
An interesting thing is that an increase in demand for AVAX (the local token of Avalanche) will additionally be seen due to the stablecoin. The launch of the stablecoin will provide an additional facility in the Avalanche network’s utility. The time chosen for the stablecoin’s launch is also of great importance. This is being done when AVAX is going through price action. For the consecutive second week, the price of AVAX is showing a positive outlook.
The stablecoin has been successful in gaining a 74% increase in its price from $10 (the low value witnessed at the start of January). The latest price of the token is $17.05 and the coin has moved above its 200-day moving average. There are some speculations that the holders of AVAX tokens might consider selling them in a huge amount. In general, Avalanche saw a 30% growth in the previous week.
Avalanche Labs and Amazon Web Services Partner up
Avalanche has started a collaboration with Amazon Web Services (AWS). The partnership is focused on gearing up the crypto adoption at a wide institutional level across the crypto market. In this way, AWS will provide services related to decentralized applications to assist Avalanche in continuing its progress. With this collaboration, people have more opportunities to have exposure to blockchain technology.
This is possible as Amazon’s services are spread around over 100 jurisdictions. A document was presented by Avalanche in which the blockchain company mentioned that it is also a partner of the Amazon Partner Network (APN). Keeping this in view, it presently permits the APN to assist consumers in the implementation of modified offerings on Amazon Web Services linked to more than 100,000 collaborators.
The consumers of AWS will be allowed to enter the Avalanche network as well as avail of the advantages of high scalability, low transfer costs, as well as rapid confirmations. In this way, the partnership can assist the firms in introducing financial solutions like blockchain-based systems of payments as well as stablecoins. Moreover, the AWS clients will be offered a platform for the management of digital assets thanks to Avalanche.
The respective platform will permit them to develop as well as organize custom coins on the blockchain. The partnership lets Avalanche improve the management of nodes on its network to fortify it. This will make the network additionally distributed along with offering it substantial integrity. This news has grasped the attention of Amazon and crypto consumers.