BitMEX co-founder and crypto veteran Arthur Hayes is proposing an idea for a new Bitcoin (BTC)-backed stablecoin.
In a new blog post, Hayes tells his 67,000 followers that the collapse of crypto-friendly bank Silvergate suggests that there’s a need for a token that is worth $1 but doesn’t rely on the traditional banking system.
“The goal is not to create a decentralized fiat currency. MakerDAO is great, assuming it actually is decentralized, but for 1 USD of value it requires locking up >1 USD worth of crypto. It removes more liquidity than it adds, which is a net negative for the system. What we need is a mechanism that allows you to lock up 1 USD worth of crypto to obtain 1 USD worth of
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