The Bitcoin DeFi project Elastos has launched a BTC-backed stablecoin BTCD

ChainCatcher news, according to CoinDesk, the Bitcoin DeFi protocol BeL2 developer Elastos has announced the launch of the BTC-backed stablecoin BTCD.

Elastos marketing director Ahmed IJ stated that BTCD is backed by Bitcoin, with a collateral amount equivalent to 160%-200% of the value of BTCD. When the price of BTCD is above $1, holders will burn tokens to redeem BTC, leading to a decrease in supply and a downward price trend; if it falls below $1, users will deposit new BTC to mint BTCD and sell, causing an increase in supply and a price rebound.