The decentralized platform Yearn.Finance, on September 10, announced that soon it will be introducing a new Stablecoin-based DeFi protocol called StableCredit.
As per the notification, StableCredit would be just like MakerDAO (MKR). It will integrate tokenized debt stablecoin, lending and single-sided automated market makers to offer a complete decentralized lending protocol to its users.
DefI Protocol To Mint StableCredit USD
Further, in its public statement, Yearn.Finance notified that StableCredit will secure the USD Coins (USDC) deposited by the users. The secured USDCs would be used by the protocol to create a new StableCredit USD at a ratio of up to 75 percent.
The depositors could use the minted StableCredit USD to purchase other crypto assets.
Yearn.Finance has also mentioned that in order to withdraw their USDCs from the protocol, the depositors would have to deposit back the borrowed StableCredit USD.
On September 10, while making the announcement, Yearn.Finance informed that presently, its team is working on the user interface of StabelCredit, which will be completed soon.
The DeFi protocol further stated that as the user interface is in its final stage of development so there are chances for it to get launched in near future.
StableCredit To Not Issue Governance Token
Usually, the newly introduced DeFi platforms start distributing governance token to stimulate their use among the users, but the StableCredit would not do so.
A month ago, YFI token of Yearn.Finance became the major beneficiary of DeFi bubble, it’s value increased over 800 percent and reached an all-time high above $38,000.
Recently, while expressing his disdain for the current state of the DeFi sector, the developer of Yearn.Finance Andrew Cronje stated, “Yearn has garnered popularity through its variety of lending protocols, with its ‘Vaults’ recently attracting investors with the promise of high returns and reduced transaction fees through pooling.”
As per the report, in the past 24- hours, the value of YFI has been increased by 11.4 percent. Currently, the market of YFI token is surging because of the recent announcement of Coinbase Pro, in which it has claimed that from September 14, the digital asset exchange would be supporting Yearn.Finance’s governance token.