Advertisement
AD

Main navigation

Umoja Releases USDb Stablecoin on Bitcoin-based Merlin Chain

Advertisement
Tue, 16/04/2024 - 16:00
Umoja Releases USDb Stablecoin on Bitcoin-based Merlin Chain
Cover image via www.freepik.com
Read U.TODAY on
Google News
Contents
Advertisement

USDb will leverage Merlin Chain’s resource-efficient, scalable and secure transaction layer to advance the DeFi ecosystem of Bitcoin (BTC) and enrich it with a novel use cases.

Umoja's synthetic dollar USDb kicks off on Merlin Chain

Umoja, a new-generation "smart money" protocol, has forged a long-term strategic alliance with the leading Bitcoin layer-2 network Merlin Chain. As a result, USDb, the first Bitcoin high-yield synthetic dollar, is set to go live on Merlin.

As the first-ever principled protected high-yield synthetic dollar backed by tokenized trading strategies, USDb works differently compared to other crypto stablecoin assets. Instead of being backed by collateral or dependent on algorithmic mechanisms to maintain its U.S. dollar peg, it relies on transparent, on-chain trading strategies.

Umoja founder Robby Greenfield highlighted that Merlin Chain was chosen thanks to the vision of a decentralized economy shared by the two teams:

I chose Merlin not only for these reasons, but also because the most decentralized, accessible, lowest risk and highest-yielding money will become the most adopted – and such money can only be built on Bitcoin.

Umoja is crypto’s synthetic asset factory, able to create a synthesized version of any digital asset via tokenized trading strategies called “Synths” that produce better yield and ensure stronger protections than any other kind of crypto asset. Synths are specialized tokens that replicate the functions of traditional financial instruments and DeFi trading strategies. 

Novel use case for leading L2 on Bitcoin (BTC)

In turn, for Merlin Chain, this integration is expected to demonstrate the opportunities of Bitcoin-based DeFi instruments.

Since launching, Merlin Chain managed  to amass more than $3.6 billion in TVL, demonstrating its capacity to scale rapid growth in the Bitcoin ecosystem. 

It enables secure, scalable and efficient transactions on Bitcoin, serving as a robust foundation for BTC-native projects. 

Also, the new collaboration will attract the attention of Bitcoin (BTC) maximalists, DeFi enthusiasts, traders and retail investors.

Advertisement
TopCryptoNewsinYourMailbox
TopCryptoNewsinYourMailbox
Advertisement
Advertisement

Latest Press Releases

Our social media
There's a lot to see there, too

Popular articles

Advertisement
AD