The leading DEX aggregator 1inch announced the launch of the SBF-resistant and unicorn stablecoin “1IS.”
Upon the “1IS” launch, 1inch called out other stablecoins in the market like USDC and BUSD, pointing out how they suffered from depeg and regulatory issues respectively.
The DeFi firm stated these events are “highlighting a true need for an even more stable, SBF-resistant and unicorn stablecoin.”
To guarantee its high level of price stability, 1inch stablecoin (1IS) is now pegged to the USD at a 1:2.54 ratio.
1inch will choose a fiat currency to which the 1IS Stablecoin will be tied. It will also compile feedback from community members across several platforms to come to a decision.
The 1IS intends to create a free-trade and economic interaction system that is supported by blockchain technology providing users with the best swapping options for efficiently trading stable tokens.
“The launch of the 1inch Stablecoin represents a significant step towards mass adoption of cryptocurrencies,” 1inch noted.
1inch claims that the community will be able to buy, sell, and hold stablecoins without depending on any centralized entities because of 1IS’s facilitation of a decentralized economy.
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