1inch brings in cooperation with ICHI. launched a dollar-pegged stablecoin on the market

The decentralized stock market aggregator 1inch has teamed up with the platform ICHI issue a new stablecoin pegged to the US dollar.

In a statement on Thursday 1inch said it plans to issue a stablecoin “with a mix” of its native token 1INCH and USD Coin (USDC) through ICHI’s Decentralized Monetary Authority (DMA). The new stablecoin a1INCH (All issuers on ICHI begin with the prefix “one”, referring to their Japanese namesake) Â aims to provide a medium of exchange to pay operating costs, provide liquidity, and distribute liquidity premiums.

“The Stablecoin one1INCH can become an economic game changer”, says the co-founder of 1inch, Sergej Kunz. “By and large, your treasury can add value to 1-inch DeFi trades as it is 1-INCH token minted and over-collateralized.”

1inch brings in cooperation with ICHI.  launched a dollar-pegged stablecoin on the market
1inch brings in cooperation with ICHI. launched a dollar-pegged stablecoin on the market

Released in May, ICHI’s DMA enables projects to create and manage their own fully secured stablecoins (in this case using the native 1INCH token of 1inch and USDC) that can be spent and redeemed for a set value of $ 1. The non-profit 1inch-Arm, the 1inch Foundation and ICHI will each provide tokens worth 100,000 USD as collateral for the stablecoin, so that one1INCH tokens can be minted with 80% USDC and 20% 1INCH.

ICHI’s DMA could spur the number of tokens pegged to the U.S. dollar as projects seek alternatives to traditional stablecoins. Tether (USDT) remains the largest stablecoin with a market capitalization of over $ 62 billion, but other projects like Binance USD (BUSD), USDC and Dai (DAI), they have a significant market share. Other stablecoins in US dollars are TerraUSD (UST), TrueUSD (TUSD), Paxos Standard (PAX), HUSD, Neutrino USD (USDN) and Gemini Dollar (GUSD).

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