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- GT Airdrop Is Live! 1.92M GT Burned in Q2, Worth Over $39M
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- 📢 #Gate Square Writing Contest Phase 1# is now officially launched!
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Essay Content Directio
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📅 End at: July 9, 16:00 UTC
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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.