Decentralized finance (DeFi) platform Coin98 has rolled out its own dollar-pegged, decentralized stablecoin aiming to become a way to move value across different chains, Coin98 announced on Monday in a statement.
- The move comes as the race among DeFi protocols to craft their own native stablecoins is heating up in an attempt to attract users and boost liquidity on the platforms. DeFi heavy-weights CurveAave are reportedly working on their own stablecoin projects.
- Stablecoins are a subset of cryptocurrencies that maintain their price stable to another asset, usually pegged to the U.S. dollar. They serve as an important bridge between government-issued (fiat) currencies and crypto assets, and have seen tremendous growth in the last few years, now making up $152 billion of the $1 trillion crypto asset class.
- The stablecoin’s smart contract code has been audited by security firms Inspex, PeckShield and SlowMist, according to a blog post.