ZetaChain has teamed up with BitSmiley to launch a new stablecoin called bitUSD. This is the first stablecoin backed by Bitcoin, and it aims to boost liquidity in decentralized finance, or DeFi.
With bitUSD, Bitcoin holders can use their BTC across different blockchains. This opens up new opportunities for DeFi applications on the Bitcoin network.
Ankur Nandwani, the founder of ZetaChain, explained, “In the past, using Bitcoin in DeFi meant wrapping it in tokens like WBTC. This process involved intermediaries and new wallets, adding risks along the way. It created barriers for BTC holders who wanted to dive into DeFi.”
He added, “The launch of bitUSD simplifies everything. Now, holders can mint stablecoins directly from their native BTC. This will enhance liquidity and spark innovation in the entire DeFi ecosystem.”
bitUSD is set to launch in late September. It will allow users to deposit their native BTC and mint bitUSD, expanding their engagement in the blockchain ecosystem.
Moreover, bitUSD aims to make DeFi activities more accessible. By minting bitUSD, Bitcoin holders can leverage their BTC for various DeFi activities that were previously complicated. This includes lending bitUSD for yield on Ethereum or exchanging it for BNB on Binance Smart Chain.
In addition, ZetaChain recently welcomed Animoca Brands as a new validator. ZetaChain serves as a foundational layer for the decentralized internet. It promotes global accessibility and utility across various blockchains.
The Omnichain Smart Contracts on ZetaChain are built on the Universal EVM. They are designed for broad chain integration within the cryptocurrency ecosystem. ZetaChain connects with any blockchain, from Ethereum and Cosmos to Bitcoin, facilitating unified liquidity and user experiences.
This partnership with Animoca Brands, a company focused on digital property rights in gaming and the open metaverse, allows Animoca’s portfolio companies to access over 3.5 million wallets on the ZetaChain network. This is a significant advantage for them.