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Kujira Announces The Launch Of $USK Stablecoin

11 August 2022 14:56, UTC
Anna Martynova

Amid extreme market conditions, the Kujira crypto project has announced the launch of its USK stablecoin on the Cosmos blockchain. At first, Kujira created its project on the Terra blockchain, but after the collapse of the ecosystem, the project was transferred to Cosmos.

$USK is an over-collateralized stablecoin on the Cosmos blockchain that is soft-pegged to the US dollar and will initially be backed by $ATOM. However, later $USK will also be backed by Kujira's native token, $KUJI. In a blog post, the Kujira team revealed that USK was inspired by the MakerDAO decentralized lending protocol and its stablecoin DAI.

Before the fall of Terra, Kujira developed ORCA to provide high capital efficiency to Anchor liquidations. The project team is confident in its robust stablecoin model that will make $USK more resilient in the DeFi ecosystem. It was revealed that, in spite of Solidity, their algorithmic stablecoin was created utilising the more robust language Rust.

Image: Bybit Blog