1inch, the decentralized exchange (DEX) aggregator, has announced the launch of its own stablecoin called 1inch Stablecoin (1IS). The new stablecoin is resistant to SBF attacks. It is pegged to the US dollar at a ratio of 1:2.54, making it an attractive alternative to other stablecoins in the market. This announcement has been made on the official Medium page of the exchange.
The launch of 1IS comes at a time when other stablecoins, such as USD Coin (USDC), have been facing regulatory scrutiny. They also have lost their peg to the US dollar. This has highlighted the need for a stablecoin that is more stable and resistant to attacks.
1inch Launches Stablecoin 1IS for Efficient and Decentralized Trading
The 1inch platform will offer users access to the best switching routes. It will allow them to trade stable tokens efficiently and unrestrictedly. The issuing, circulation, and trading of 1IS will be self-governed and decentralized. It will also enable the allocation of financial value in unprecedented ways.
The release of 1IS is a big step toward more people using cryptocurrencies and the growth of a decentralized economy. It does not rely on any centrally controlled service providers for the purchase, sale, or storage of stablecoins. The transfer of legislative power from trust-based execution of commands to trustless and straightforward codes will take place. Moreover, the platforms and rules will be transparent and based on smart contracts that are faithfully carried out.
1inch Launches Community Feedback-Driven Stablecoin “1IS” with a 1:2.54 USD Peg Ratio
1IS will be pegged to a fiat currency, and the 1inch team will compile feedback from the community to decide which currency to use. The current exchange rate of 1 IS to 1 USD is set at 1:2.54 to maintain a consistently high level of price stability.
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The 1inch team is very enthusiastic about the introduction of 1IS because of the prospects it brings for the creation of a financial system that is both more decentralized and more transparent. They are committed to working with the community to make sure that 1IS meets their standards and requirements. Moreover, they are certain that it will emerge as a dominant stablecoin in the market.
In addition, the launch of 1IS is a great development for the cryptocurrency sector. Also, it is expected to draw a lot of attention from investors and traders who are searching for a stable and dependable alternative to other stablecoins that are now available on the global market.