Mentioned:
DeFi Technologies is coming after a new opportunity in crypto: stablecoins. But, why?
What’s happening:
- DeFi Technologies (NASDAQ: DEFT) has formed a strategic joint venture with Fire Labs to launch a new stablecoin issued by a chartered bank in the United States of America
Why it matters:
- This is the first time ever that DeFi Technologies has ventured into the business of stablecoins
Going deeper:
- Global crypto exchange Kraken will also join DeFi Technologies and Fire Labs as an integration partner and leverage their institutional platform known as Kraken Embed to allow institutions and companies to access the new stablecoin
- DeFi Technologies has publicly stated they plan to generate revenue from the new joint venture with Fire Labs through both trading fees and passive yield through staking
The intrigue:
- The competition in stablecoins continues to accelerate quickly, with Trump family backed World Liberty Financial’s USD1 stablecoin rapidly becoming one of the most popular new stablecoins in all of crypto
