DeFi
Certo Expands Testnet to Include USDC Deposits for StUSD, Its Interest-Generating Stablecoin
Zurich, Switzerland, July 8, 2024, Chainwire
Quick take
- Decentralized stablecoin lending protocol Certo, which previously operated with USDT, has added support for USDC deposits and borrowing.
- stUSD is an interest-earning stablecoin powered by Certo, a P2P lending protocol designed to work with tokenized real-world assets in the form of US Treasuries.
Certainly, as detailed on Certo.financerepresents a pioneering approach in the field of decentralized finance (DeFi). It is a peer-to-peer (P2P) lending platform that brings real-world assets into the space. Specifically, Certo facilitates the use of tokenized U.S. Treasuries as collateral in a stablecoin loan — and a traditional stablecoin lender, the user receives the interest accrued by borrowers.
stUSD is Certo’s dollar-denominated receiving token, which can be considered a form of interest-earning stablecoin. This digital currency maintains a stable relationship with the US dollar by using a stable collateral of tokenized US Treasuries to maintain price stability, serving as a reliable medium of exchange and store of value for the entire DeFi ecosystem. Most importantly, stUSD is designed to generate interest for its holders, which accrues over time based on the underlying lending activities conducted via the Certo protocol. This feature makes stUSD a potential choice for price stability and interest in the volatile cryptocurrency landscape.
Certo has been in development for some time, with the ambitious goal of bridging the gap between DeFi and real-world assets. Initially, when Certo launched its testnet earlier this year, it exclusively supported deposits and borrowing in Tether (USDT), a stablecoin widely used in the cryptocurrency market. This initial phase allowed Certo to test its systems, ensure robust security measures, and gather valuable feedback from early adopters in a controlled environment.
Today, Certo takes a major step forward by announcing the addition of support for USD Coin (USDC) deposits and borrowing on its testnet platform. This expansion is crucial as USDC is renowned for its wide acceptance in the financial and crypto markets. By incorporating USDC, Certo aims to attract a broader user base and increase the versatility of the platform, allowing more users to participate in testing and refining the protocol’s features.
With the inclusion of USDC, Certo ecosystem participants now have the ability to deposit both USDT and USDC to receive stUSD. This enhancement allows users to preview how their investments are earning interest over time, directly within the Certo interface. This dual stablecoin option not only provides greater convenience, but also enriches the user experience by demonstrating the practical benefits of stUSD in a more diverse and adaptable setting.
While today’s announcement marks a significant milestone, it’s important to note that Certo is still operating in its testnet phase. This stage is critical as it allows developers to refine the protocol’s features, ensure the system’s stability in various scenarios, and most importantly, secure user feedback. The testnet phase is essential for Certo to achieve its goal of creating a seamless and secure bridge between cryptocurrencies and real-world assets, ensuring that once live, the platform can operate efficiently and reliably in the broader DeFi ecosystem.
Through initiatives like these, Certo not only expands its capabilities, but also paves the way for more innovative solutions in the financial technology space.
About Certo
Certo is at the forefront of developing a secure, stable and scalable platform, aiming to bridge the gap between traditional fiat currencies and the digital economy. With a focus on security, transparency and community-driven development, Certo seeks to provide a solid foundation for financial transactions worldwide.
Contact
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Certo Finance
pr@certo.finance
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