Curve Finance founder implies a stablecoin is on its way

Quick Take

  • According to the organizers of an online crypto conference, the founder of Curve Finance discussed the possibility of an upcoming stablecoin.
  • He implied that it would be over-collateralized but stopped short of confirming that one is definitely on the way.

Curve Finance may be the latest DeFi project joining the race to ship a decentralized stablecoin, according to details emerging from a cryptocurrency event.

SCB 10X — a Thailand-based investment firm and the organizers of an event called Redefine Tomorrow 2022 — tweeted today that Curve Finance founder Michael Egorov discussed the possibility of an upcoming stablecoin at the event. 

When questioned in a fireside chat whether Curve had plans of a stablecoin Egorov replied, “Over-collat. That's all I can say for now,” according to the event organizers.

Here, “over-collat” is short for over-collateralized, a type of stablecoin that is backed by excess collateral, usually in the form of other cryptocurrency held in a reserve. This is the same design used by Dai, the most popular decentralized stablecoin in the Ethereum ecosystem.

Redefine Tomorrow 2022 is an ongoing virtual event organized by SCB 10X. There is no recording yet available of the event and Egorov has not replied to a message asking for confirmation of his comment.

THE SCOOP

Keep up with the latest news, trends, charts and views on crypto and DeFi with a new biweekly newsletter from The Block's Frank Chaparro

By signing-up you agree to our Terms of Service and Privacy Policy
By signing-up you agree to our