The stablecoin issuing platform, ICHI, threw in Decentralized monetary authority, or DMA for its acronym in English that enables cryptocurrency networks to mint their own stable coins more securely.
The ICHI DMA allows cryptocurrency communities to create and manage their own fully secured stablecoins and set their value to exactly one dollar. According to ICHI developers, their platform solves the myriad of challenges associated with existing stablecoins, including the need to sell other cryptocurrencies to mint more tokens. This problem is similar to selling a stock that decreases in value at the same time.
ICHI’s platform aims to offer the benefits of fiat-backed currencies like USDC and USDT without these inconveniences. The stablecoin issuers at ICHI are known as “oneTokens” and are designed to be pegged to the US dollar and fully guaranteed by a combination of coins and the community’s native token. The ICHI network is fully in the chain, which means anyone can check reserves and guarantee funds at any time.
Projects launching stablecoins on oneToken can create a custom stablecoin contract, develop liquidity incentives, and run a community-managed treasury.
The ICHI administrator, Bryan Gross, He was previously Principal Product Architect at IBM Blockchain The “true promise of DeFi” is much bigger than the current bull market. He said:
“Our vision at ICHI is to give people complete freedom to spend, invest, save and use their money. ICHI is designed to give every crypto community the tools they need to run all aspects of sustainable business Economies need – while keeping value locked in their own communities rather than transferring value. “
Tether remains the stablecoin of choice in the market after recently minting its USDT60 billionth. Earlier this month, Tether finally announced its full reservation breakdown for the first time.
The total value of all stablecoins currently exceeds $ 109 billionaccording to industry data. In addition to Tether, USD Coin, Binance USD and DAI have achieved significant market shares.