USB is a decentralized, bitcoin-backed stablecoin pegged to the dollar that uses a new approach to maintain its peg by shorting Bitcoin through a perpetual swap.
Stabolut, a startup working on a global payment system, announced the launch of its decentralized USB stablecoin, although it has been in development since May 2022.
USB operates without relying on banks and is built on decentralized technology and security measures, making it a reliable cryptocurrency.
Julian Beltran, chief technology officer and CTO of Stabolut, explained that market demand began to build around the global awareness that emerged with the collapse of UST,Terra Luna’s stablecoin, the recent depegging of USDC and the bank failures we have seen this year. “With USB, Stabolut aims to start a movement for a transparent, fast, cheap, secure, private and interoperable medium of exchange worldwide”, he said.
The stablecoin operates outside the banking system and is designed to unlock new opportunities for fast and simple transactions, with the aim of empowering exchanges, financial institutions, businesses, developers and users. This insulates USB from regulatory crackdowns.
Backed by the founders of Dextools, the startup focuses on cross-chain transactions and bitcoin-compatible wallets, as well as other blockchain services with transparent auditing processes.
USB has entered a high-growth stablecoin market that is expected to reach at least $1 trillion. The stablecoin offers real-time audits of its assets, ensuring transparency and reliability for its users.
Stabolut is building an innovative global payments ecosystem with the clear goal of becoming one of the most widely adopted stablecoins. Because the startup is backed by the founders of Dextools.io, it has access to an ecosystem with more than 30 million monthly visits on average.
On USB, Frederic Fernandez, co-founder of Dextools.io, expressed the need to address the shortcomings of CeFi from previous periods: “Following the collapse of FTX, Silvergate Capital, Silicon Valley Bank and many other CeFi platforms in 2022, it is evident that DeFi and the entire crypto industry need better ways to safeguard user funds and, more importantly, restore their trust. USB is what we were all looking for.”
Industry leaders have been advocating for a truly decentralized stablecoin that is private, backed by verified and audited assets, and impervious to shutdowns.
Stabolut CEO Eneko Knorr has stated that “the launch of USB will set new industry standards for moving financial value across the Internet and crypto markets“.
Knorr cites the collapse of UST and the recent instability caused by banking fiascos as evidence of market demand for a reliable stablecoin option. “Stabolut aims to unlock a new era of transparent, privacy-preserving, fast, cheap and interoperable exchange worldwide with USB“, said CTO Julian Beltran, who was the first to support this vision.
Original article published in English here on INVESTING INDIA
