A protocol for the creation of Decentralized Money authorities, ICHI, has recently launched a new stablecoin for the Filecoin network called, “oneFIL.” As revealed, the new stablecoin will be utilized to make payments on the network of Filecoin and is backed by the native coin of Filecoin, FIL, and USDC.
In the recent announcement, ICHI revealed that they are launching oneFIL stablecoin for the Filecoin community.
In order to expand its digital marketplace on the Etheruem network, the decentralized network Filecoin is operating with ConsenSys.
Moreover, it should be noted that previously, ConsenSys had made an announcement regarding their plans to work with the Protocol Labs in order to integrate Filecoin with Ethereum and look for greater interoperability.
OneFIL is just going to be a step further in the plan that will be serving the purpose of providing a stablecoin for the dealings that are needed to support application development on the network.
In addition to this, stablecoin aims to enable good discounts and rewards for Filecoin storage purchasers and providers.
A stablecoin can be considered a cryptocurrency that is pegged to a fiat currency and claimed to be backed by one and hence, the digital asset is comparatively less volatile than other altcoins and Bitcoin in the market.
As revealed by the officials, the details said:
The aim of ICHI with oneFIL is to fulfill what Bitcoin has always promised, a P2P electronic cash system.
It can be witnessed that stablecoins such as Tether have made an attempt to provide an answer to the fluctuations in the crypto market and oneFIL is the first attempt to provide a stablecoin for Filecoin users to deal with.