Physical Address
304 North Cardinal St.
Dorchester Center, MA 02124
BNB Chain USDsd-based stablecoin developer Standard Money has raised $8 million from a number of crypto investment heavyweights.
The strategic investment round was led by Yzi Labs and includes participation from Gate.io, Crypto.com and Animoca Brands, according to an email announcement shared with CoinDesk on Monday.
USDsd is an algorithmic yield-seeking stablecoin based on Tether’s USDT, the world’s largest stablecoin by market capitalization.
The funds raised will support the launch of Standard Money’s main network and expand its liquidity partnerships and global operations, according to Monday’s announcement.
Algorithmic stablecoins are tokens designed to maintain their peg to the applicable asset by using smart contracts and economic incentives to manage the circulating supply.
For many observers, this type of token evokes memories of the collapse of the Earth-Moon ecosystem in 2022, prompted by its algorithmic token stablecoin TerraUSD (UST) losing its peg to the US dollar.
U recent proliferation of the stablecoin sector may have prompted some crypto investors and companies to revisit the concept of algorithmic stablecoins, according to Standard Money’s support from such digital asset heavyweights noted in this funding round.
