Virtual Credit VCRED token
Virtual Credit (VCRED) Is a token created by Spacechain (SPC), and managed by a small DAO, for the purposes of having a cryptocurrency that approximates a USD pegged token in vendor payments.
VCRED is an ERC-20 token on the Ethereum blockchain at address 0xE7b982F901B47d6fa21F5d1F3Ad4B64C105060bf. It is maintained through flows associated with DAO Treasury Management. It is not reserve-backed.
The association with $1.00 USD value is termed a "loose peg." If excessive redemptions occur during a week, the peg can depart for several days, before being restored through normal DAO Treasury operations.