USDB, a new Bitcoin-backed stablecoin, claims to be the fully decentralized, dollar-pegged, and reliable choice.
Stabolut announced the launch of USDB in the private beta stage today. It has been in the development stage since May 2022 and reflects the U.S. dollar’s value.
The stablecoin claims to use a unique approach to retain its peg by shorting Bitcoin through an inverse perpetual swap.
USDB Aims for a Bankless System
Julian Beltran, the Chief Technology Officer (CTO) of Stabolut, told GlobeNewswire, “There’s clear market demand from users for a reliable stablecoin choice, given the collapse of UST – Terra Luna’s stablecoin – as well as witnessing the recent instability caused by the de-pegging of USDC following the recent bank failures we’ve seen this year. With USDB, Stabolut is helping to unlock a new era of transparent privacy-preserving, fast, inexpensive, secure and interoperable exchange across the globe.”
The stablecoin aims to operate without a banking system and protect itself from regulatory crackdowns.
It will power cross-chain transactions and work with Bitcoin-compatible wallets and other blockchain services. Stabolut also claims that they are backed by the founders of Dextools.io.
Despite the ambitious claims, the project has just six followers on Twitter as of writing. And only a few details about the team and the auditing process are available.
The trust in stablecoins has been weak after the collapse of UST last year. This month, USDC from Circle lost its peg due to the collapse of Silicon Valley Bank.
BeInCrypto has reached out to Dextools.io and Stabolut for comment.
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