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
James Wynn's social media accounts have been restored
CME FedWatch: Probability of a 25 basis point rate cut in July is 5.2%
Delphi Digital: No Official Discord, Beware of Scammers Impersonating Researchers
AAVE falls below $310
Trending news
MoreCrypto prices
More
