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Canto Launches Overcollateralized Stablecoin NOTE, Backed by Tokenized Short-Term U.S. Treasuries

Canto Launches Overcollateralized Stablecoin NOTE, Backed by Tokenized Short-Term U.S. Treasuries

2024/04/10 16:27

April 11 - L1 network Canto has announced the launch of stablecoin NOTE to ensure economic stability in DeFi. NOTE, backed by RWA (tokenized short-term U.S. Treasury Bills), is said to be an over-collateralized stablecoin, with each NOTE secured by more than $1. NOTE can't be issued in increments and can only be lent. The lending interest is managed by a smart contract "accountant" and the interest rate is automatically adjusted according to the market price of the NOTE to maintain price stability. All interest income will be deposited into the community treasury for the benefit of the community, controlled by Canto's governance. This initiative demonstrates Canto's commitment to delivering on DeFi's promise to provide accessibility, transparency and decentralization.

Translated with DeepL.com (free version)

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