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10 sats \ 0 replies \ @moel 7 Jun 2022 \ parent \ on: Fuji.money, a Lightning-enabled non-custodial synthetic asset protocol on the Liquid Network bitcoin
UST was an algorithmic "stable" coin. The too-little-too-late BTC backing was bolted on later and useless: after all, if your algorithm works, you don't need BTC backing. And if your algorithm does not work, then a little BTC backing will not keep you afloat.
This fUSD however, is an at minimum 150% "backed" stable coin. The backing is only in Bitcoin or Liquid-Bitcoin (LBTC?)
So it's a lot like DAI [1], only they are backed by multiple assets instead of only Bitcoin.
[1] https://makerdao.com/