DWF Labs to debut its synthetic stablecoin by Q1 2025
The post DWF Labs to debut its synthetic stablecoin by Q1 2025 appeared on BitcoinEthereumNews.com.
Key Takeaways DWF Labs’ synthetic stablecoin will launch between Q4 2024 and Q1 2025. The stablecoin will offer yields ranging from 12% to 19%, depending on the asset class. DWF Labs, a prominent crypto venture capital firm and market maker, is set to launch its synthetic stablecoin between Q4 2024 and Q1 2025, said Andrei Grachev, Managing Partner at DWF Labs, in a recent statement. Crystallizing product details for @DWFLabs synthetic stable coin:Launch Q4 2024 – Q1 2025Expected APY:– Stables: ~12%– BTC/ETH: ~15%– Blue chips: ~17%– Long Tail alts: ~19%Omnichain mint / redeemWhitelisted ~500m$ TVL commitments from our partners and friends We BUIDL — Andrei Grachev (@ag_dwf) September 24, 2024 Grachev also revealed that the stablecoin is expected to offer an annual percentage yield (APY) of 12%, with higher yields for BTC/ETH at 15%, blue-chips at 17%, and altcoins with low liquidity at 19%. The product will feature full-chain minting and redemption capabilities, he stated, adding that it has secured approximately $500 million in total locked value (TVL) from initial partners and supporters. The latest announcement comes after Grachev said earlier this month that DWF Labs had completed the design for its synthetic collateralized stablecoin. The new stablecoin will support a variety of assets, including USDT, USDC, DAI, USDE, Bitcoin, Ethereum, and several blue chip and altcoins. DWF aims to boost market liquidity and enhance safety through overcollateralization. Once launched, DWF Labs’ stablecoin will compete with Tether’s USDT and Circle’s USDC, the two leading stablecoins in the digital asset market. As of September 23, USDT’s market cap surpassed $119 billion, holding a dominant share of the stablecoin market, per CoinGecko data. Apart from DWS Labs, Ripple is also ramping up efforts for its stablecoin launch, expected to come within months. Ripple’s stablecoin, called Ripple USD (RLUSD), is currently undergoing beta…
Filed under: News - @ September 24, 2024 12:20 pm