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Bitcoin Decentralized Finance project Elastos launches BTC-backed stablecoin BTCD
BlockBeats News, on June 19, according to Coindesk, Elastos, the developer of Bitcoin DeFi protocol BeL2, announced the launch of BTC-backed stablecoin BTCD. Ahmed IJ, head of marketing at Elastos, said that BTCD is backed by Bitcoin, and the collateral amount is equivalent to 160%-200% of the value of BTCD. When the price of BTCD is higher than $1, holders will burn tokens to redeem BTC, resulting in a decrease in supply and a downward price decline; If it falls below $1, users deposit new BTC to mint BTCD and sell it, causing supply to increase and the price to recover.