Curve Finance will launch its own stablecoin, Curve CEO Michael Egorov said in a conversation with The Spartan Group co-founder Kelvin Koh. Egorov said the stablecoin will have an over-collateralization mechanism, but he declined to give further details. It was recently reported that DeFi lending platform Aave plans to release its own stablecoin GHO.
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Curve CEO Michael Egorov revealed today that Curve is planning its own over-collateralized stablecoin. Stablecoins may have a similar structure to MakerDAO’s DAI.
According to comments from its CEO, Curve is looking to launch a native stablecoin.
One tweet Investment firm SCB 10X from Thailand said the topic of the native Curve stablecoin was raised today in a virtual chat between Curve CEO and founder Michael Egorov and The Spartan Group co-founder Kelvin Koh.
When asked if Curve would launch a stablecoin, Egorov directly replied that stablecoins would be overcollateralized, adding: “That’s all I can say right now.”
Curve Finance is a decentralized finance (DeFi) protocol that specializes in “extremely efficient” stablecoin trading services.According to DeFi Llama, Curve is currently Have $5.97 billion worth of cryptocurrency is locked on its platform, spanning ten different blockchain ecosystems.
Stablecoins are cryptocurrencies designed to maintain parity with government-issued currencies such as the U.S. dollar or the euro. In the DeFi space, stablecoins are often over-collateralized, like MakerDAO’s DAI, or under-collateralized, like Terra’s UST.
For many following the UST spectacle, the issue of stablecoin staking has come into focus implosion That wiped about $43 billion directly from the cryptocurrency market in May. Egorov’s comments suggest that Curve’s stablecoin may follow a model closer to DAI, allowing the token to avoid the fate of UST.
Curve’s foray into the stablecoin space comes after another major DeFi protocol lending platform, Aave, recently announced that it would question Its own overcollateralized stablecoin GHO.
The entire stablecoin market is Currently valued at over $153 billion. Major centralized issuers such as Tether and Circle have announced plans to expand their offerings to tokens backed by currencies other than the U.S. dollar, such as Mexican Peso and EUR.
Disclosure: At the time of writing, the author of this article owns ETH and several other cryptocurrencies.
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