New Stablecoin Released by Gyroscope
In an effort to mitigate risks associated with other stablecoins, such as centralized and algorithmic ones, Gyroscope has launched the Gyro Dollar (GYD), a decentralized stablecoin, on the Ethereum blockchain. The project has attracted investments from key industry players like Galaxy and Placeholder.
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In an effort to mitigate risks associated with other stablecoins, such as centralized and algorithmic ones, Gyroscope has launched the Gyro Dollar (GYD), a decentralized stablecoin, on the Ethereum blockchain. The project has attracted investments from key industry players like Galaxy and Placeholder.
“GYD is a means to protect against the risks of holding stablecoins, putting risk control on autopilot,” Gyroscope’s representatives explained.
The developers highlight that the Gyro Dollar is securely pegged to the US dollar, thanks to a strategy involving the diversification of cryptocurrency reserves and algorithmic price stabilization. The reserved assets are employed in well-known yield-generating systems such as Aave and Maker.
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