Krisztian Sandor is a reporter on the U.S. markets team focusing on stablecoins and institutional investment. He holds BTC and ETH.
Angle's USDA will share the yield earned from the Treasury bill and tokenized T-bill backing assets and a part of the revenue from lending.Decentralized finance protocol Angle unveiled its new U.S. dollar-pegged stablecoin on Tuesday, which aims to pass on yield from its real-world asset backing and revenue from DeFi lending.
Angle's USDA is backed by U.S. Treasury bills and tokenized versions of T-bills, and token holders who stake their USDA on the Angle Protocol can automatically earn rewards derived from the token's reserve assets yield and revenue from the protocol's lending platform. This way, the target yield for USDA stakers is at least 5%.
The development came as yield-bearing stablecoins have mushroomed recently, with new offerings seeking to lure funds from market-dominating stablecoins. USDT and USDC do not pass the yield earned on their backing assets to holders. Latest entrants such as Mountain USD andWith its new offering, Angle also aims to establish a blockchain-based foreign currency hub with seamless conversion between euro and dollar without fees and slippage.
To boost liquidity for USDA, users will also be able to convert Circle's USDC stablecoin to USDA and back without incurring fees or slippage. USDA will start a beta testing phase in the next few days, pending approval by the Angle Protocol's governance, with plans for a broader roll-out in April. The offering will not be available to U.S.-based investors, the protocol said.in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Ethereum Staking Protocol Swell Unveils Layer-2 Rollup With $1B Total Value LockedJamie Crawley is a CoinDesk news reporter based in London.
Read more »
TrueFi Unveils Lending Protocol for Tokenized Real-World Assets; TRU Jumps 14%Krisztian Sandor is a reporter on the U.S. markets team focusing on stablecoins and institutional investment. He holds BTC and ETH.
Read more »
Saudi Arabia plans $40B AI investment fund overseen by a16z: ReportSaudi Arabia is considering a $40 billion investment fund for AI in partnership with Silicon Valley VC firm a16z.
Read more »
Espresso raises $28 million in series B round led by a16z cryptoEspresso is building a marketplace for shared sequencing, enhancing interoperability among Layer 2 rollups.
Read more »
Espresso Systems Raises $28M in Fresh Funds, Led By A16z CryptoMargaux Nijkerk reports on the Ethereum protocol and L2s. A graduate of Johns Hopkins and Emory universities, she has a masters in International Affairs & Economics. She holds a small amount of ETH and other altcoins.
Read more »
Revolutionizing Memory Care: Sensay Unveils AI-Powered Digital Replicas for Dementia Support and BeyondRevolutionizing Memory Care: Sensay Unveils AI-Powered Digital Replicas for Dementia Support and Beyond
Read more »