Threshold Network launches the thUSD stablecoin backed by BTC and ETH
The one-time fee for issuing the asset will be 0,5%
02.04.2024 - 09:23
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What’s new? The Threshold Network team has announced the launch of a decentralized Threshold USD (thUSD) stablecoin pegged to the US dollar and backed in bitcoins and Ethereum. “This launch marks a significant milestone in decentralized finance (DeFi), offering users a novel way to use their Bitcoin and Ethereum holdings without selling,” the creators state.
What else is known? The creators claim that Threshold USD is one of the first stablecoins on the market to be backed by two of the largest cryptocurrencies by capitalization at once. To issue thUSD, users can deposit BTC, ETH, or a mixture of the two in varying ratios depending on their preferences.
Users can borrow against their BTC and ETH without interest payments, the Threshold USD platform only charges a one-time 0,5% issuance fee.
S&P has published a rating of stablecoins with high capitalization
None of the assets received the highest rating
The team positions the asset as a reliable exchange with at least 110% overcollateralization, whose protocol will undergo regular security audits from third-party companies Cantina and Mixbytes. In addition, Threshold USD is open source and is a participant in the white-hat hacker bounty program from the ImmuneFi platform.
The team emphasizes that all thUSD collateral is stored on the bitcoin and Ethereum blockchains, guaranteeing transparency and real-time verification by any interested parties, unlike the reserves of other stablecoin issuers, which are often opaque and stored offline.
Coinbase will start storing more customer USDC balances on its own Base network
Base’s activity increased significantly after the Dencun hard fork
Earlier, Tether, the issuer of USDT, the largest stablecoin by capitalization, announced that it had successfully passed a System and Organization Controls 2 (SOC) audit, the highest level of security compliance developed by the American Institute of Certified Public Accountants (AICPA). The day before, TRM Labs stated that USDT was the most commonly used stablecoin in criminal activity in 2023.
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