March 16, 2023 – London, United Kingdom
Sovryn, the leading Bitcoin-based DeFi (decentralized finance) platform, launches the Sovryn Dollar (DLLR).
The Sovryn Dollar introduces a new standard of stablecoin, 100% backed by Bitcoin to provide unparalleled censorship-resistance, security and reliability.
In response to the regulatory and banking problems centralized stablecoins have recently experienced, the Sovryn Dollar offers a decentralized alternative, backed by and redeemable for Bitcoin. The Sovryn Dollar goes live today and is available globally.
The Sovryn Dollar offers users the opportunity to hold a stable and reliable digital asset that is pegged to the US dollar without being exposed to the risks associated with centralized stablecoins like Tether or USDC.
Centralized stablecoins have long been a point of concern for the cryptocurrency community. These coins, such as Tether, have been criticized for their lack of transparency and being vulnerable to transaction-censorship, which has raised concerns about their long-term stability.
Centralized stablecoins have also frozen user funds in response to regulatory pressure. Recent events have added to questions surrounding the long-term viability of most current stablecoins.
In contrast, the Sovryn Dollar is designed to be an ultra-reliable and secure decentralized stablecoin. DLLR is aggregated from other Bitcoin-backed stablecoins and pegged to USD.
The Sovryn Dollar maintains substantially over-collateralized reserves of BTC to ensure it is always redeemable for BTC by any holder. It cannot be censored sincethere is no middleman, it is not reliant on bank deposits like USDC and it is not algorithmic like Terra UST.
The Sovryn Dollar was designed to be secure, highly liquid and practical. It can be easily converted to Bitcoin, USD or other stablecoins, making it a great form of payment and diversified capital that will always remain liquid.
One of the key advantages of the Sovryn Dollar is its low gas fees, which enables cost-effective transactions without compromising on stability and reliability. Low-cost transactions are being enhanced even further with Lightning Network integration.
Bitcoin-backed stablecoins have an important role to play in expanding the use cases for Bitcoin. Despite the growing adoption of Bitcoin, many potential users currently prefer stablecoins for payments and low-risk savings.
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