Bitcoin DeFi project Elastos launches BTC backed stablecoin BTCD
Elastos, developer of Bitcoin DeFi protocol BeL2, announced the launch of BTCD, a stable coin backed by BTC. Ahmed IJ, head of marketing at Elastos, said BTCD is backed by bitcoin and the collateral amounts to 160%-200% of BTCD's value. When the BTCD price is above $1, the holder will destroy the token to redeem BTC, resulting in a decrease in supply and a downward price; if it falls below $1, the user deposits new BTC to mint BTCD and sell, causing supply to increase and the price to rise.
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