{"id":288868,"date":"2021-07-01T22:35:00","date_gmt":"2021-07-01T19:35:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/1inch-to-launch-dollar-pegged-stablecoin-with-ichi\/"},"modified":"2021-07-01T22:35:00","modified_gmt":"2021-07-01T19:35:00","slug":"1inch-to-launch-dollar-pegged-stablecoin-with-ichi","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/1inch-to-launch-dollar-pegged-stablecoin-with-ichi\/","title":{"rendered":"# 1inch to launch dollar-pegged stablecoin with ICHI"},"content":{"rendered":"

“# 1inch to launch dollar-pegged stablecoin with ICHI <\/strong>”
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Decentralized exchange aggregator 1inch has partnered with the ICHI platform to issue a new stablecoin pegged to the U.S. dollar.<\/p>\n

In a Thursday announcement, 1inch said it planned to mint a stablecoin \u201cwith a blend\u201d of its native 1INCH token and USD Coin (USDC) through ICHI\u2019s Decentralized Monetary Authority, or DMA. The new one1INCH stablecoin \u2014 all issuers on ICHI begin with the prefix “one,” referring to its Japanese namesake \u2014 is aimed at providing a medium of exchange to pay operating expenses, provide liquidity, and distribute liquidity rewards. <\/p>\n

\u201cThe one1INCH stablecoin can grow into an economic game<\/a> changer,\u201d says 1inch co-founder Sergej Kunz. \u201cAt scale, its treasury can drive value back to 1inch DeFi operations because it is minted and over-collateralized with 1INCH tokens.\u201d<\/p>\n

Launched in May, ICHI\u2019s DMA allows projects to create and govern their own fully-collateralized stablecoins \u2014 in this case, with 1inch\u2019s native 1INCH token and USDC \u2014 which can be minted and redeemed for a set value of $1. The non-profit arm of 1inch, the 1inch Foundation, and ICHI will each contribute $100,000 in tokens as collateral for the stablecoins, allowing for the one1INCH tokens to be minted using 80% USDC and 20% 1INCH. <\/p>\n

Related: <\/em><\/strong>Messari: USDC set to become \u2018dominant\u2019 stablecoin on Ethereum<\/em><\/strong><\/p>\n

ICHI\u2019s DMA could lead to a rise in the number of U.S.-dollar pegged tokens as projects look for alternatives to traditional stablecoins. Tether (USDT) remains the largest stablecoin with a market capitalization of more than $62 billion, but other projects including Binance USD (BUSD), USDC, and Dai (DAI), have a sizable share of the market. Other U.S. dollar stablecoins include TerraUSD (UST), TrueUSD (TUSD), Paxos Standard (PAX), HUSD, Neutrino USD (USDN), and Gemini Dollar (GUSD). <\/p>\n