Curve CEO and founder Michael Egorov has indicated the protocol has plans to enlighten a stablecoin of its like.
Key Takeaways
- Curve Finance will most definitely be launching its like stablecoin, Curve CEO Michael Egorov indicated one day of a conversation with The Spartan Community co-founder Kelvin Koh.
- Egorov mentioned the stablecoin will have an over-collateralization mechanism, though he refused to expose to any extent extra particulars.
- The revelation comes following the recent news that DeFi lending platform Aave is planning on releasing its like stablecoin, named GHO.
Curve is planning its like over-collateralized stablecoin, Curve CEO Michael Egorov published on the present time. The stablecoin is at possibility of have a identical structure to MakerDAO’s DAI.
Stablecoins Galore
Curve is attempting to beginning a native stablecoin, in accordance to comments from its CEO.
A tweet from SCB 10X, an investment agency basically based in Thailand, indicated that the topic of a native Curve stablecoin became once raised on the present time one day of a digital chat between Curve CEO and founder Michael Egorov and The Spartan Community co-founder Kelvin Koh.
When asked whether Curve would beginning a stablecoin, Egorov straight away answered that the stablecoin might perhaps perhaps per chance presumably be over-collateralized, including, “That’s all I will say for now.”
Curve Finance is a decentralized finance (DeFi) protocol that specializes in offering “extremely atmosphere pleasant” stablecoin trading companies and products. Fixed with DeFi Llama, Curve currently has $5.97 billion worth of cryptocurrency locked on its platform one day of ten assorted blockchain ecosystems.
Stablecoins are cryptocurrencies designed to defend at parity with govt-issued currencies such as the dollar or the euro. Within the DeFi condominium stablecoins are at possibility of be over-collateralized, admire MakerDAO’s DAI, or below-collateralized, admire Terra’s UST.
The enlighten of stablecoin collateralization has technique to the forefront for heaps of following UST’s spectacular implosion in Could presumably also, which instantly worn out an estimated $43 billion from the crypto market. Egorov’s observation indicates Curve’s stablecoin will possible apply a model closer to DAI’s in direct for the coin to defend up some distance off from UST’s fate.
Curve’s foray into the stablecoin arena follows the recent announcement from one other major DeFi protocol, lending platform Aave, that this might perhaps perhaps per chance enlighten its like over-collateralized stablecoin called GHO.
The overall stablecoin market is currently worth over $153 billion. Valuable centralized issuers such as Tether and Circle have launched plans to elongate their product offerings to coins that shall be backed by currencies assorted than the U.S.dollar, such as the Mexican peso and the euro.
Disclosure: On the time of writing, the author of this half owned ETH and a few different assorted cryptocurrencies.
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