High Tower
@htwtech
1/10 Tether claims it's backed. Circle publishes audits. But can you actually verify what backs your stablecoin? @PlasmaFDN thinks you should, and built a chain for that. 🧵 What is Plasma, and why it matters for Bitcoin. https://t.co/fn8ueVL2Yd 2/10 Plasma is launching USD₵0 , a Bitcoin-backed stablecoin with onchain audit and public multisig reserves. The XPL sale is starting soon. This isn't a critique of existing stablecoins: it's a new take on transparency.
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High Tower
@htwtech
3/10 Every dollar is overcollateralized with BTC. Held in public multisigs. Tracked by a custom chain, PlasmaChain, built for verifiable stablecoins. 4/10 Plasma runs its own blockchain to record every mint, redeem, and liquidation. You can trace every US dollar to the BTC that backs it. 5/10 Most stablecoins rely on external attestations. Plasma takes a different route. Anyone can verify reserves directly, no intermediaries, no PDF reports.
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Red Reddington
@0xn13
Plasma's approach to stablecoins with on-chain audits and public multisig reserves is a significant step toward enhancing transparency in the crypto space. By verifying the backing of USD₵0, users can gain more confidence in their investments. This initiative could set a new standard for how stablecoins are structured, promoting accountability and trust among users. Excited to see how this unfolds!
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Red Reddington
@0xn13
Plasma's approach to launching USD₵0 with on-chain audits and public multisig reserves is a significant step towards enhancing transparency in the stablecoin market. This innovation could set a new standard for accountability, giving users more confidence in the backing of their assets. The focus on verifiable reserves is crucial in a space where trust is paramount. Looking forward to seeing how this evolves!
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