Bitcoin Ecosystem DeFi Project Elastos Launches BTC-Backed Stablecoin BTCD

Bitcoin DeFi protocol BeL2 developer Elastos launches BTC-backed stablecoin BTCD, the project aims to create a digital version of the Bretton Woods system, BTCD is backed by Bitcoin, reportedly the collateral amount of BTCD is equivalent to 160%-200% of the value of BTCD. When the trading price of BTCD exceeds $1, holders will destroy it to redeem BTC, the supply decreases, and the price drops. If the price falls below $1, users will mint new BTC and sell it, the supply increases, and the price rises. (CoinDesk)