The Bitcoin DeFi project Elastos launches the BTC-backed stablecoin BTCD

BlockBeats News, June 19, according to a report by Coindesk, Bitcoin DeFi protocol BeL2's developer Elastos announced the launch of BTCD, a Bitcoin-backed stablecoin.

Elastos Marketing Lead Ahmed IJ stated that BTCD is backed by Bitcoin, with collateralization ranging from 160% to 200% of the BTCD's value. When the price of BTCD rises above $1, holders burn tokens to redeem BTC, leading to a decrease in supply and downward price pressure. Conversely, if the price falls below $1, users deposit new BTC to mint BTCD and sell it, resulting in an increase in supply and a price recovery.