Stabolut Launches New Decentralized Stablecoin Backed by Bitcoin, USB

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Introducing a Bitcoin-backed, dollar-pegged stablecoin built without reliance on banks

HONG KONG, April 13, 2023–(BUSINESS WIRE)–Stabolut, a startup building an all-new global payments ecosystem, today announced the launch of a decentralized, dollar-pegged, Bitcoin-backed stablecoin that does not depend on banks, called USB. Available today, USB is a stablecoin issued under a revolutionary model built on decentralized pillars of trustless infrastructure and security that have made Bitcoin the most trusted and reliable cryptocurrency in the world.

Becoming available on a private beta starting today, USB (US-Bitcoin), a stablecoin that has been built in a revolutionary approach that will reroute the crypto markets opening up new opportunities for fast and easy trading for powering exchanges, financial institutions, businesses, developers, and users.

USB is entering a very hot market, with stablecoins totaling $140 billion in capitalization, and is expected to hit at least $1 trillion.

Cryptocurrency industry leaders have long called for a truly decentralized stablecoin that is privacy-preserving and backed by assets that have been verified and audited while being invulnerable to shutdowns.

“Stabolut is setting new industry-leading standards for moving financial value across the internet and crypto markets with USB,” said Eneko Knorr, co-founder and CEO of Stabolut. “There is a clear market demand from users for a reliable choice of stablecoins, given the collapse of the UST -Terra Lunas stablecoin-, as well as the recent instability caused by the unpecking of the USDC following the recent bank failures we saw this year. With USB, Stabolut aims to usher in a new era of transparent, privacy-preserving, fast, low-cost and interoperable exchange across the globe,” adds Julian Beltran, co-founder and CTO of Stabolut.

While trading futures contracts on BitMEX – the crypto-derivative exchange – in 2018, Julian realized how hedging Bitcoin would make it possible to develop a stablecoin pegged to USD value without having to press a stored fiat currency. However, it was only last year that Eneko Knorr, his now co-founder, joined him to launch the project.

The story continues

In September 2022, Stabolut embarked on the development of USB, a Bitcoin-backed stablecoin designed to reflect the value of the US dollar through an innovative method: shorting Bitcoin through a Bitcoin reverse perpetual swap. Asset-backed USB eliminates the need for bank accounts, ensuring immunity from crackdowns or frozen funds, and building complete privacy and resilience. Fiat-backed stablecoins face centralization and regulatory hurdles, limiting access and innovation while increasing counterparty risk and reducing user privacy. The USB approach aligns with Bitmex co-founder Arthur Hayes’ recent Nakadollar (NUSD) concept.

“USB addresses the limitations of fiat-backed stablecoins, which suffer from centralization and regulatory challenges. By mitigating counterparty risk and enhancing user privacy, we aim to expand accessibility and drive innovation in the stablecoin market,” said Eneko Knorr.

USB offers additional benefits such as real-time asset audits to ensure transparency and reliability for their users.

Stabolut is backed by the founders of Dextools.io, a growing ecosystem with over 30 million monthly views on average. Dextools.io is a platform where traders can track all details about the status of decentralized markets.

On USB, Frederic Fernandez, co-founder of Dextools.io, expressed the need to address the shortcomings of CeFis compared to previous mandates: “Following the collapse of FTX, Silvergate Capital, Silicon Valley Bank and many other platforms -forms CeFi in 2022, it’s clear that DeFi and the entire crypto industry need better ways to protect user funds and, most importantly, restore their trust. USB is what we’ve been looking for all.

To learn more about the USB stablecoin, visit the Stabolut website.

About Stabolut:

Stabolut is building an innovative global payment ecosystem. Launched by Julian Beltran and Eneko Knorr, serial entrepreneurs with a strong background in technology and crypto, Stabolut is the issuer of the USB stablecoin. The digital currency is poised to solve all the concerns of other stablecoins, with the clear goal of becoming one of the most widely adopted stablecoins. Stabolut received funding from the co-founders of Dextools.io, a platform that allows traders to track information on decentralized markets.

Find out more: www.Stabolut.com

See the source version on businesswire.com: https://www.businesswire.com/news/home/20230413005457/en/

contacts

Media contact: Eneko Knorr [email protected] +852 55843634Stabolut Limitedwww.Stabolut.com

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