What is USD1 [Old]?

USD1 is a stablecoin that serves as the native currency within the Kinesis ecosystem, pegged to the US dollar at a 1:1 ratio. It operates on both the Stellar blockchain and the Ethereum network using the ERC-20 standard.

The coin is backed by over $15 billion in reserves and emphasizes security and transparency with monthly attestations. It aims to facilitate low-cost, fast transactions within the Kinesis platform, which integrates various financial services.