ChainCatcher news, according to CoinDesk, Bitcoin DeFi protocol BeL2 developer Elastos announced the launch of the BTC-backed stablecoin BTCD.
Elastos marketing director Ahmed IJ stated that BTCD is backed by Bitcoin, with the collateral amount equivalent to 160%-200% of the value of BTCD. When the price of BTCD exceeds 1 USD, holders will burn tokens to redeem BTC, leading to a decrease in supply and a downward price trend; if it falls below 1 USD, users will deposit new BTC to mint BTCD and sell, resulting in an increase in supply and a price rebound.
This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.
The Bitcoin DeFi project Elastos has launched a BTC-backed stablecoin BTCD.
ChainCatcher news, according to CoinDesk, Bitcoin DeFi protocol BeL2 developer Elastos announced the launch of the BTC-backed stablecoin BTCD. Elastos marketing director Ahmed IJ stated that BTCD is backed by Bitcoin, with the collateral amount equivalent to 160%-200% of the value of BTCD. When the price of BTCD exceeds 1 USD, holders will burn tokens to redeem BTC, leading to a decrease in supply and a downward price trend; if it falls below 1 USD, users will deposit new BTC to mint BTCD and sell, resulting in an increase in supply and a price rebound.