The cryptocurrency exchange Coinflex has announced the launch of a unique interest-bearing stablecoin called Flexusd. The new stablecoin is considered to be the first dollar-backed crypto that pays interest at the base level. Moreover, the new token is built on the Ethereum blockchain and the Bitcoin Cash network as well by leveraging the Simple Ledger Protocol.
The digital currency trading platform Coinflex has revealed the creation of a new stablecoin token that bears interest. A stablecoin is a cryptocurrency that is tied to the price of a fiat currency and traditionally it’s the U.S. dollar. This allows people to hold crypto assets without exposing themselves to massive price fluctuations found in bitcoin (BTC) or ethereum (ETH) markets.
The stablecoin economy has grown massive and today there’s $23 billion worth of fiat-pegged digital assets. Coinflex.com’s CEO Mark Lamb told his Twitter followers about the new stablecoin token on Wednesday.
“We’re proud to have launched the first interest bearing stablecoin,” Lamb tweeted. “Flexusd pays yield while you hold the private keys. Currently paying 8% interest, it earns yield from our repo market which powers our deliverable perps. The only sustainable yield is from leverage,” the Coinflex CEO added.