THELOGICALINDIAN - Curve CEO and architect Michael Egorov has adumbrated the agreement has affairs to affair a stablecoin of its own
Curve is planning its own over-collateralized stablecoin, Curve CEO Michael Egorov appear today. The stablecoin is acceptable to accept a agnate anatomy to MakerDAO’s DAI.
Stablecoins Galore
Curve is attractive to barrage a built-in stablecoin, according to comments from its CEO.
A tweet from SCB 10X, an advance close based in Thailand, adumbrated that the accountable of a built-in Curve stablecoin was aloft today during a basic babble amid Curve CEO and architect Michael Egorov and The Spartan Group co-founder Kelvin Koh.
When asked whether Curve would barrage a stablecoin, Egorov anon replied that the stablecoin would be over-collateralized, adding, “That’s all I can say for now.”
Curve Finance is a decentralized accounts (DeFi) agreement that specializes in accouterment “extremely efficient” stablecoin trading services. According to DeFi Llama, Curve currently has $5.97 billion account of cryptocurrency bound on its belvedere beyond ten altered blockchain ecosystems.
Stablecoins are cryptocurrencies advised to break at adequation with government-issued currencies such as the dollar or the euro. In the DeFi amplitude stablecoins tend to be over-collateralized, like MakerDAO’s DAI, or under-collateralized, like Terra’s UST.
The affair of stablecoin collateralization has appear to the beginning for abounding afterward UST’s amazing implosion in May, which anon wiped out an estimated $43 billion from the crypto market. Egorov’s animadversion indicates Curve’s stablecoin will acceptable chase a archetypal afterpiece to DAI’s in adjustment for the bread to abstain UST’s fate.
Curve’s attack into the stablecoin amphitheatre follows the contempo advertisement from addition above DeFi protocol, lending belvedere Aave, that it will issue its own over-collateralized stablecoin alleged GHO.
The all-embracing stablecoin bazaar is currently account over $153 billion. Major centralized issuers such as Tether and Circle accept appear affairs to aggrandize their artefact offerings to bill that will be backed by currencies added than the U.S dollar, such as the Mexican peso and the euro.
Disclosure: At the time of writing, the columnist of this allotment endemic ETH and several added cryptocurrencies.
