TechFlow reports that cross-chain decentralized stablecoin protocol Ambit Finance has announced the launch of its mainnet, unveiling its first product: a lending market protocol on the BNB Chain. The core participants in the protocol are lenders and borrowers, primarily interacting with the Ambit Finance $USDT Vault to mint $AUSD.
$AUSD is an over-collateralized cryptocurrency-backed stablecoin, each unit backed by at least 1 $USDT, with its yield generated from lending market interest.
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Lenders deposit $USDT into the Ambit Finance $USDT Vault to mint $AUSD, whose value increases over time through accrued lending interest.
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Borrowers can take out $USDT loans from the Ambit Finance $USDT Vault by depositing whitelisted assets, enabling leveraged (circular) borrowing.
Ambit Finance will also support one-click leveraged or deleveraged strategies via its user interface.
Previous report: DeFi protocol Ambit Finance secured a $4.5 million strategic investment from Binance Labs.
