Sovryn Introduces Decentralized Bitcoin-Backed Sovryn Dollar, to Combat Centralized Stablecoins
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London, United Kingdom, 16th March, 2023, Chainwire
Sovryn, the leading Bitcoin-based decentralized finance (DeFi) platform, launches the Sovryn Dollar (DLLR). The Sovryn Dollar introduces a new standard of stablecoin, 100% backed by Bitcoin to provide unparalleled censorship-resistance, security, and reliability. In response to the regulatory and banking problems centralized stablecoins have recently experienced, the Sovryn Dollar offers a decentralized alternative, backed by and redeemable for, Bitcoin. The Sovryn Dollar goes live today and is available globally.
The Sovryn Dollar offers users the opportunity to hold a stable and reliable digital asset that is pegged to the US dollar without being exposed to the risks associated with centralized stablecoins like Tether or USDC.
Centralized stablecoins have long been a point of concern for the cryptocurrency community. These coins, such as Tether, have been criticized for their lack of transparency and being vulnerable to transaction-censorship, which has raised concerns about their long-term stability. Centralized stablecoins have also frozen user funds in response to regulatory pressure. Recent events have added to questions surrounding the long-term viability of most current stablecoins.
In contrast, the Sovryn Dollar is designed to be an ultra-reliable and secure decentralized stablecoin. DLLR is aggregated from other bitcoin-backed stablecoins and pegged to USD. The Sovryn Dollar maintains substantially over-collateralized reserves of BTC to ensure it is always redeemable for BTC by any holder. It cannot be censored
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