CandleFocus DWF Labs Completes Development of Synthetic Stablecoin Backed by Bitcoin and Ethereum
2024-09-06
Author: Content Editor
Prominent crypto market maker DWF Labs has announced the completion of its synthetic stablecoin, which will be backed by a mix of digital assets, including Bitcoin and Ethereum. The stablecoin will also be overcollateralized and backed by fiat stablecoins such as USDT Tether, USDC Circle, and select altcoins. Each asset will offer different APYs to incentivize community adoption. DWF Labs predicts that the stablecoin will generate significant liquidity in the market. While the details of how the stablecoin will maintain parity with the US dollar are unclear, its launch could strengthen the growing stablecoin sector. This announcement comes as Ethena's USDe, another synthetic stablecoin, faces a significant supply cut and a decline in market cap.
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