Bittime - Decentralized finance (DeFi) protocol Angle introduced a new stablecoin tied to the US dollar on Tuesday, aiming to provide yield on the real assets (RWA) backing it and income from DeFi loans.
USDA Angle is backed by US government securities and tokenized versions of those securities. Token holders who place their USDA on Angle Protocol can automatically earn rewards derived from the yield of token reserve assets and income from the protocol's lending platform. In this way, the target yield for USDA holders is at least 5%.
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The development comes as yield-bearing stablecoins have flourished in recent times, with new offerings seeking to attract funds from the stablecoins that dominate the market.
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USDT and USDC do not pass on the returns earned on their backing assets to holders. Newcomers such as Mountain USD and USDe Ethena have collected $300 million and $1.3 billion in deposits, according to rwa.xyz data.
Meanwhile, asset management giant BlackRock also recently entered the market with a tokenized fund represented by dollar-linked BUIDL tokens, aimed at large institutional clients.
With its new offering, Angle also aims to establish a blockchain-based foreign exchange (forex) center with seamless conversion between euros and dollars without fees and price differences.
Angle already offers a euro-tied EURA token with a supply of $22 million. They received $5 million in venture capital funding led by Andreessen Horowitz (a16z) in 2021 to develop a stablecoin-focused DeFi platform.
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“The forex market represents trillions of dollars in daily volume. However, it is currently difficult to find a DeFi protocol that offers on-chain currency trading at true forex rates,” said Pablo Veyrat, CEO of Angle Labs, the development organization behind the protocol.
To increase USDA liquidity, users will also be able to convert Circle's USDC stablecoin to USDA and vice versa without incurring fees or price differences.
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USDA will begin a beta testing phase in the next few days, pending approval from Angle Protocol governance, with plans for a broader rollout in April. This offering will not be available to US-based investors, the protocol said.
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