Elastos, a Bitcoin Ecosystem DeFi Project, Launches BTC-Backed Stablecoin BTCD
Elastos, the developer behind the Bitcoin DeFi protocol BeL2, has launched BTCD, a Bitcoin-backed stablecoin. The project aims to create a digital version of the Bretton Woods system, with BTCD supported by Bitcoin. Reportedly, the collateral amount for BTCD is equivalent to 160%-200% of its value. When BTCD trades above $1, holders destroy it to redeem BTC, reducing supply and lowering the price. If the price falls below $1, users mint new BTCD and sell it, increasing supply and pushing the price up. (CoinDesk)
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
At a sensitive moment of the "bond market storm," the market focuses on today's 30-year Japanese government bond auction.
Japan’s 30-year government bond yield has risen to 4.155%, approaching a historic high. The 30-year bond auction scheduled for Thursday is drawing significant attention. Analysts generally expect a weak result and warn that if the auction goes poorly, it could put reverse pressure on US Treasuries, prompting a repricing of the global fixed income market and potentially becoming a new trigger for rising global borrowing costs.
2-Yr Benchmark Govt Yields - Germany vs Other Nations
10-Yr Benchmark Govt Yields - Germany vs Other Nations
10-Yr Benchmark Govt Yields - U.S. vs Other Nations
Crypto prices
More
