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
Net profit dragged down by a provision of 288 millions euros for settlement, but Philips (PHG.US) Q3 core earnings indicators still beat expectations
Philips’ Q3 sales were slightly below expectations, but orders increased by 8% and the adjusted profit margin of 13% exceeded expectations. Meanwhile, Great Wall has reached a preliminary settlement with the US Department of Justice, and the company reaffirmed its full-year guidance.
Barclays raises S&P Global price target to $572
Zhipu dropped 9.1% in the past 24 hours
Crypto prices
More
