1inch to launch dollar-pegged stablecoin with ICHI

1inch to launch dollar-pegged stablecoin with ICHI

Decentralized exchange aggregator 1inch has partnered with the ICHI platform to issue a new stablecoin pegged to the U.S. dollar.

In a Thursday announcement, 1inch said it planned to mint a stablecoin “with a blend” of its native 1INCH token and USD Coin (USDC) through ICHI’s Decentralized Monetary Authority, or DMA. The new one1INCH stablecoin — all issuers on ICHI begin with the prefix "one," referring to its Japanese namesake — is aimed at providing a medium of exchange to pay operating expenses, provide liquidity, and distribute liquidity rewards.

Our top trading bots

“The one1INCH stablecoin can grow into an economic game changer,” says 1inch co-founder Sergej Kunz. “At scale, its treasury can drive value back to 1inch DeFi operations because it is minted and over-collateralized with 1INCH tokens.”

Launched in May, ICHI’s DMA allows projects to create and govern their own fully-collateralized stablecoins — in this case, with 1inch’s native 1INCH token and USDC — which can be minted and redeemed for a set value of $1. The non-profit arm of 1inch, the 1inch Foundation, and ICHI will each contribute $100,000 in tokens as collateral for the stablecoins, allowing for the one1INCH tokens to be minted using 80% USDC and 20% 1INCH.

Related: Messari: USDC set to become ‘dominant’ stablecoin on Ethereum

ICHI’s DMA could lead to a rise in the number of U.S.-dollar pegged tokens as projects look for alternatives to traditional stablecoins. Tether (USDT) remains the largest stablecoin with a market capitalization of more than $62 billion, but other projects including Binance USD (BUSD), USDC, and Dai (DAI), have a sizable share of the market. Other U.S. dollar stablecoins include TerraUSD (UST), TrueUSD (TUSD), Paxos Standard (PAX), HUSD, Neutrino USD (USDN), and Gemini Dollar (GUSD).

Read on about Cointelegraph
Erik Voorhees lashes ‘disgusting’ behavior of Bitcoin maxis: ‘Not the community I come from’
Erik Voorhees, the founder and CEO of ShapeShift, has revealed in a podcast that he felt embarrassed and disgusted by the behavior of Bitcoin maximalists...
Crypto community divided on whether Bitcoin is an inflation hedge
Amid a massive spike of the United States’ Consumer Price Index (CPI), the cryptocurrency community has been divided on whether Bitcoin (BTC) is really...
$157B Victory Capital plans to enter crypto market
Investment firm Victory Capital Management announced it would be taking steps for its U.S.-based investors to get exposure to the crypto market.In a Wednesday...
Ethereum options data shows traders' mixed opinions on ETH's future
After reviewing Ether (ETH) options for June 25, one might think that traders either became overly optimistic or ultra-bearish. Currently, there are large...
XRP Jumps 21% In Bullish Trade
Investing.com - XRP was trading at $1.09285 by 20:38 (00:38 GMT) on the Investing.com Index on Tuesday, up 20.61% on the day. It was the largest one-day...
Deep tech: Why C-suite execs are pursuing blockchain
Blockchain is seen as a major area of interest by enterprises looking to invest in deep tech solutions, a new report suggests. An industry-wide survey conducted...
Five proposed crypto class actions over unregistered securities dismissed in NY
Five proposed class-action lawsuits against crypto firms have been voluntarily dismissed without prejudice in New York federal courts — without costs or...
Alleged $366M Bitcoin mixer busted after analysis of 10 years of blockchain data
U.S. authorities have arrested the alleged mastermind behind a multi-million darknet-based BTC mixing service, Bitcoin Fog, after analyzing 10 years of...
Price analysis 4/23: BTC, ETH, BNB, XRP, DOGE, ADA, DOT, UNI, LTC, BCH
As Bitcoin price crashed below $50,000, mainstream media highlighted that the selling across the market could have been triggered by reports that the Biden...
Ethereum Climbs 13% In Bullish Trade
Investing.com - Ethereum was trading at $2,357.00 by 20:23 (00:23 GMT) on the Investing.com Index on Wednesday, up 13.11% on the day. It was the largest...
Cardano’s upcoming Alonzo update pushes ADA price despite a major delay
The Cardano Foundation is led by Charles Hoskinson, the founder of Cardano and also the co-founder of the Ethereum blockchain. On April 6, through his YouTube...
Ripple becomes tidal wave, leads weekend pump and notches legal victories
Amid a weekend pump carrying multiple cryptocurrencies higher, Ripple’s XRP looks to be leading the way with a push as high as 30% on the daily — carried...
Messari: New Coinbase listings really do outperform rival exchanges
Crypto analytics provider Messari has compiled a report concluding that the fabled “Coinbase effect” — the popular belief that new token listings on Coinbase...
Growth hacker uses crypto to help the unhoused
Before the 2017 bull run, growth hacker Giacomo Arcaro often slept in his car. Now an entrepreneur who speaks at crypto conferences and forums, he is looking...
Polkadot becomes latest to use Simplex's fiat onramp
Fiat-to-crypto onramp provider Simplex will now support Polkadot in its network of crypto exchanges, wallets, and brokers.In an announcement today, Simplex...