TechFlow reports that the L1 network Canto has announced the launch of its stablecoin NOTE to ensure economic stability in DeFi.
According to the announcement, NOTE is backed by real-world assets (tokenized short-term U.S. Treasury bills) and is an over-collateralized stablecoin, with each NOTE secured by more than one dollar in collateral. NOTE cannot be minted indefinitely; it can only be borrowed. Borrowing interest is managed by a smart contract known as the "Accountant," which automatically adjusts interest rates based on the market price of NOTE to maintain price stability. All interest income will be deposited into a community treasury controlled by Canto governance and used for public benefit initiatives. This move demonstrates Canto's commitment to advancing DeFi through accessibility, transparency, and decentralization.
