TechFlow News — Platypus, a StableSwap project in the Avalanche ecosystem, has announced plans to launch its native stablecoin USP, an over-collateralized stablecoin pegged to the U.S. dollar. According to Platypus, USP will be backed by LP collateral derived from the total value locked (TVL) in its stablecoin swap protocol, and will utilize the protocol's algorithmic mechanisms to maintain its peg.
Previous reports indicate that in December 2021, Platypus raised $3.3 million in funding led by Three Arrows Capital and DeFiance Capital, with participation from 0xVenturesDAO and Avalanche, among others.Source link
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