Stabolut launches new Bitcoin-backed, decentralized Stablecoin, USB
Introducing a dollar-pegged, Bitcoin-backed stablecoin, built without dependence on banks
HONG KONG, 13 April 2023–(BUSINESS WIRE)–Stabolut, a startup building an entirely new worldwide payment ecosystem, today announced the launch of a decentralized, dollar-pegged, non-bank Bitcoin-backed stablecoin called USB. Available as of today, USB is a stablecoin issued under a groundbreaking model built on decentralized pillars of trustless infrastructure and security that have made Bitcoin the world’s most reliable and trustworthy cryptocurrency.
Available on a private beta starting today, USB (US-Bitcoin), a stablecoin that has been built in a revolutionary approach that will redirect the crypto markets and unlock new opportunities for fast and easy trades for power exchanges, financial institutions, enterprises, developers , and users.
USB is entering a very hot market, with stable coins totaling NOK 140 billion in capitalization, and expected to grow to at least $1 trillion.
Cryptocurrency industry leaders have long called for a stablecoin that is truly decentralized, privacy-preserving, and backed by assets that have been verified and audited along with being invulnerable to shutdowns.
“Stabolut is setting the new industry-leading standards for moving financial value across the internet and crypto markets with USB,” said Eneko Knorr, co-founder and CEO of Stabolut. “There is clear market demand from users for a reliable stablecoin choice, given the collapse of UST -Terra Luna’s stablecoin-, as well as witnessing the recent instability caused by the de-pegging of USDC after recent bank failures we have seen this year. With USB, Stabolut has aiming to unlock a new era of transparent, privacy-preserving, fast, affordable and interoperable exchange worldwide,” adds Julian Beltran, co-founder and CTO of Stabolut.
While trading futures on BitMEX – the derivatives cryptocurrency exchange – back in 2018, Julian realized how hedging Bitcoin would allow for the development of a stable coin pegged to the USD without having to rely on any stored fiat currency. However, it wasn’t until last year that Eneko Knorr, his now co-founder, joined him to kick-start the project.
In September 2022, Stabolut started the development of USB, a Bitcoin-backed stablecoin designed to reflect the value of the US dollar through an innovative method: shorting Bitcoin via a Bitcoin inverse perpetual swap. Asset-backed USB eliminates the need for bank accounts, ensures immunity from crashes or frozen funds, and reinforces complete privacy and resilience. Fiat-backed stablecoins face centralization and regulatory hurdles, which limit access and innovation while increasing counterparty risk and reducing user privacy. USB’s approach aligns with Bitmex co-founder Arthur Hayes’ recent Nakadollar (NUSD) concept.
“USB addresses the limitations of fiat-backed stablecoins, which suffer from centralization and regulatory challenges. By both reducing counterparty risk and improving user privacy, we aim to expand accessibility and promote innovation in the stablecoin market,” expressed Eneko Knorr.
USB provides additional benefits such as real-time asset audits to ensure transparency and reliability for users.
Stabolut is backed by the founders of Dextools.io, a growing ecosystem with over 30 million monthly views on average. Dextools.io is a platform where traders can keep track of all the details about the state of decentralized markets.
At USB, Frederic Fernandez, co-founder of Dextools.io, expressed the need to address CeFi’s shortcomings from previous terms: “After the collapse of FTX, Silvergate Capital, Silicon Valley Bank and many other CeFi platforms in 2022, it is clear that DeFi and the whole The crypto industry needs better ways to secure users’ funds and, most importantly, restore their trust. USB is what we were all looking for.”
To learn more about USB stablecoin, visit the Stabolut website.
About Stabolut:
Stabolut is building an innovative global payment ecosystem. Launched by Julian Beltran and Eneko Knorr, serial entrepreneurs with a solid background in technology and crypto, Stabolut is the issuer of the USB stablecoin. The digital currency is ready to address all concerns other stablecoins carry, with the clear goal of becoming one of the most widely used stablecoins. Stabolut received funding from the co-founders of Dextools.io, a platform that allows traders to track information on decentralized markets.
Learn more: www.Stabolut.com
See the source version at businesswire.com: https://www.businesswire.com/news/home/20230413005457/en/
Contacts
Media contact:
Eneko Knorr
[email protected]
+852 55843634
Stabolut Limited
www.Stabolut.com
