Elastos, a Bitcoin Ecosystem DeFi Project, Launches BTC-Backed Stablecoin BTCD

Elastos, the developer behind the Bitcoin DeFi protocol BeL2, has launched BTCD, a Bitcoin-backed stablecoin. The project aims to create a digital version of the Bretton Woods system, with BTCD supported by Bitcoin. Reportedly, the collateral amount for BTCD is equivalent to 160%-200% of its value. When BTCD trades above $1, holders destroy it to redeem BTC, reducing supply and lowering the price. If the price falls below $1, users mint new BTCD and sell it, increasing supply and pushing the price up. (CoinDesk)