Stabolut Launches USB, a Bitcoin-Backed Stablecoin Aimed at Providing a Fully Decentralized, Dollar-Pegged Option

Fintech firm Stabolut has launched USB, a fully decentralized, dollar-pegged stablecoin backed by Bitcoin. The stablecoin aims to operate independently of the traditional banking system to protect itself from regulatory crackdowns and uses a unique approach to retain its peg by shorting Bitcoin using derivatives.

The overcollateralized stablecoin aims to be more robust and reliable than existing stablecoin options and reduce the risk of sudden de-pegging. Stabolut is backed by the founders of Dextools. io and has completed the private beta of USB, with plans to release the public beta in June 2023.

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