New Stablecoins are supported: WBTC & BUSD
The list of assets supported by Lend at Hodl Hodl has been extended with Binance USD & Wrapped Bitcoin. In total, 6 stablecoins with USDT & USDC being the most popular assets so far.
The project is still relatively new, and of course the list of supported currencies is far from final. We try to reflect the market demand and are always willing to adjust our product. In the near future, we are going to add more coins backed by other fiat & cryptocurrencies.
WBTC is a different type of asset that we have worked with before. Up until this moment, users have only been able to acquire loans in a USD equivalent Stablecoin, using Bitcoin as collateral for these deals.
Wrapped Bitcoin opens a new niche, allowing the acquisition of a Bitcoin-backed loan of Bitcoin. These loans have significantly lower risk rates than fiat based loans, since WBTC reflects the volatility of Bitcoin. The benefit for the lender is not losing the appreciation of the underlying asset, and for the borrower — entering DeFi without any limitations or restrictions.
Binance USD, in turn, is one of the most popular stablecoins with high liquidity. By introducing BUSD we hope to attract hodlers of the coin, who are potentially looking to grow their savings.
Besides adding new lending assets, later this month we are planning to introduce a new collateral option. More info will be coming soon. Stay tuned!
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