VUSD Project Update Announcement
Following recent developments and the substantial capital losses experienced by the VUSD project, we regret to inform our community and stakeholders that VUSD will be winding down. Unfortunately, the challenges we have faced make it impossible to continue the project in its current form. It is important to note that the actual smart contract for VUSD and its functionalities remain unaffected and fully operational.
Impact on Redemptions
The closure of VUSD will not impact the ability of approved institutions to redeem their holdings. All redemptions will continue to be processed on a 1:1 basis until December 31, 2024. We remain committed to ensuring that all redemptions are handled efficiently and transparently during this period.
For non-institutional, per our terms of service, VUSD does not provide any direct services. All VUSD transfers will come to a complete halt after December 31, 2024. Current institutions may still utilise the services without any disruption. Additionally, we will continue accepting new institutional clients in our approved regions to streamline redemptions.
Challenges Leading to Closure
We recognise the disappointment this announcement may cause, and we deeply apologise for any inconvenience resulting from this decision. The closure is the result of several factors, including a substantial financial loss incurred by VUSD. These challenges, coupled with an evolving market landscape, have made the continuation of the VUSD project unsustainable.
Next Steps and Support
For those using VUSD in regions where its usage remains permissible, VUSD will continue to function in line with the existing terms of service and privacy policies until the closure date. However, we urge all users to be mindful of the upcoming deadlines, prohibited jurisdictions, and plan accordingly.
Contact and Further Assistance
We understand that this announcement may raise questions or concerns, and we encourage anyone needing further information or clarification to reach out to our support team at admin@vusd.com. Any legal correspondences may be sent to legal@vusd.com. We will aim to respond within approximately 48 business hours or less.