1inch works with ICHI to create Stablecoin one1INCH. to bring to market
The decentralized exchange 1inch has teamed up with the ICHI platform to issue a new stablecoin – one1INCH – with a 1: 1 conversion into USD.
In a July 1 press release, 1inch said it plans to “combine” two cryptocurrencies, 1INCH and USDC, to form a new stablecoin. This plan is supported by ICHI’s Decentralized Currency Authority (DMA).
“One1INCH could develop into an economic game changer. On a large scale, its registers can reach a value of up to 1 inch. Because this stablecoin is issued and secured with the 1INCH cryptocurrency, ”said 1inch co-founder Sergej Kunz.
ICHI’s Decentralized Currency Authority (DMA), launched in May 2021, enables projects to create and manage stablecoins that are fully secured by the project’s token. In the case of one1INCH Coin, 1INCH and USDC collateral.
1inch Foundation and ICHI will each provide $ 100,000 as collateral. One1INCH Coin is issued at 80% USDC and 20% 1INCH.
ICHI’s decentralized monetary authority could increase the number of stablecoins pegged to USD. This is the option chosen by projects to replace traditional stablecoins like Tether (USDT).
In fact, with a market cap of up to $ 62.4 billion, USDT is still the largest stablecoin on the market. However, a number of other projects have maintained their position and have a large market share in the stablecoin market, such as Binance USD (BUSD), USDC and Dai (DAI). There are also many other stablecoins with USD equivalent, including TerraUSD (UST), TrueUSD (TUSD), Paxos Standard (PAX), HUSD, Neutrino USD (USDN) and Gemini Dollar (GUSD).
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Source: Coin 68