Bitcoin Ecosystem DeFi Project Elastos Launches BTC-Backed Stablecoin BTCD

Odaily News Elastos, the developer of the Bitcoin DeFi protocol BeL2, launched the BTC-backed stablecoin BTCD. The goal of the project is to create a digital version of the Bretton Woods system. BTCD is backed by Bitcoin. It is reported that the collateral amount of BTCD is equivalent to 160%-200% of the value of BTCD. When the trading price of BTCD exceeds $1, holders will destroy it to recover BTC, the supply will decrease, and the price will fall. If the price falls below $1, users will mint new BTC and sell it, the supply will increase, and the price will rise. (CoinDesk)