The process is an industry innovation by OpenDAO, giving even further utility to stablecoins through a unique minting scheme.
Mint Your $USDO
$USDO, the flagship stablecoin of OpenDAO, can now be minted by staking yield bearing assets as collateral on Binance Smart Chain.
By generating yield on deposited assets, this makes it profitable for users to mint $USDO – unlike other platforms which charge interest to borrow stablecoins (e.g DAI).OCP (a portfolio company of OpenDAO) has developed a user-friendly interface to allow people to come with the native token itself, where a zap takes care of the interest bearing strategy.
This means users can come to the platform with an asset such as CAKE, stake it in the vault, receive the APY (currently 75%), and mint USDO with their collateral.
This is an industry first which the team expects to see significant growth in during the future. Other assets with high yield generating strategies as collateral will soon be added including BTC, USDT, USDC, BUSD and more.
To mint USDO go to the OCP Omnivault.
About USDO
$USDO is a stablecoin which traces the US dollar.
Unlike fiat-backed stablecoins however, such as Circle’s USDC and USDT, USDO is over-collateralized by a basket of crypto assets, and eventually, non-crypto assets as well such as real estate.
There is currently over $14M of collateral backing USDO including leading project tokens such as CAKE, Fetch AI, Reef Finance, as well as some other stablecoins.
$USDO is designed to be decentralised, with permissionless mintability by anyone in Decentralized Finance (DeFi).
About OpenDAO
OpenDAO is the DAO which has created and governs $USDO.
(OPEN) serves as a bridge for real-world assets to cross over into the growing DeFi infrastructure. The goal is to bring more value into the space by providing exposure to real estate, stocks, and more – all in a uniquely permissionless and seamless manner.To learn more about OpenDAO, visit the following links:
Overall it is vital to proceed with caution when purchasing tokens that have just been listed. For those who have not already read our articles on safety in the BSC it is crucial to reference the following items, HERE and HERE.
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Source : bsc.news
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