Bitcoin used to compete with gold. Now it competes with the dollar.

We need to talk about stablecoins. While they serve as an essential component of decentralized finance applications, most stablecoin value takes the form of centralized, fiat-collateralized stablecoins. These centralized stablecoins could be the Trojan horse of DeFi.

Stablecoins give millions of people, particularly outside of the US, 24/7 access to dollar value. Value that is instantly transferable between any two people, anywhere in the world. In countries like Argentina, Venezuela, Nigeria, and Vietnam, people use dollars as a form of savings, as a means to carry out international transactions, and as a way of shielding themselves against their own weak local currencies. 

The problem is, however, that popular, mainstream stablecoins suffer the same fundamental flaws as central bank fiat currencies—they are centralized and regulated. Just as the Trojans thought their beloved city was stable and secure, you too could lose possession of the value you hold. 

We are forced to trust centralized intermediaries when we use centralized systems. Trust that they will act with our best interests in mind. But, time and time again, that trust is betrayed.

Decentralized, bitcoin-backed stablecoins are collateralized by the world’s most pristine asset—bitcoin! Importantly, they’re not subject to the same regulatory risk, centralized manipulation, or censorship as centralized stablecoins, such as USDT and USDC.

The Sovryn Dollar is the new decentralized, censorship-resistant stablecoin backed exclusively by bitcoin. It’s a truly transparent digital dollar. All collateral backing is visible and verifiable to anyone, at any time, on the blockchain. For most people, “trusting” is the path of least hassle. However, isn’t it better to not only trust, but verify?

DLLR is what’s called an aggregated stablecoin. It has a 1:1 peg with the value of USD and is composed of a diversified basket of other exclusively bitcoin-backed stablecoins. It’s an overcollateralized, bitcoin-backed stablecoin that is actually stable!

DLLR is a sovereign, digital super-currency. Its sovereignty and transparency are what make it powerful and robust. As a non-custodial stablecoin, backed exclusively by bitcoin, no other entity can control it. Only you have control of your funds. 

No centralized team of people can be coerced into malpractice pertaining to DLLR—because there is no centralized team of people behind DLLR. Hence, DLLR cannot be blacklisted by any government body.

DLLR is a stablecoin created by the people, for the people, that we can all use. Storing your funds in a truly sovereign super-currency like DLLR means you can actively protect your right to privacy while storing your wealth in strong money. You can put another notch on the bedpost that is your journey towards becoming a more sovereign individual. Free from the shackles of global, financial regulatory borders.

Gil Scott Heron affirmed that the revolution will not be televised. In the case of crypto, people are gradually coming to the realization that the revolution most certainly will not be centralized. For many, the veil of centralization was well and truly lifted in 2022. But a sea change like this can take time to propagate.

To seed and encourage this inevitable propagation, DLLR will become the main stablecoin of the Sovryn ecosystem. It will be used everywhere a stablecoin is needed in the ecosystem and will be bridgeable to a choice of stablecoins on other networks. 

We’ll encourage everyone to use DLLR as their digital dollar of choice. Naturally, it will be the default stablecoin on the new Sovryn web app. And DLLR will also be the default stablecoin when taking out a 0% interest loan with Zero. We’ll also be creating a DLLR AMM pool and incentivizing liquidity providers (LPs) in other stablecoin pools to move their liquidity over.

The time is upon us for a truly decentralized, dollar-denominated stablecoin. A stablecoin that aggregates other exclusively bitcoin-backed stablecoins. A stablecoin that is more resilient and scalable than any one of the individual stablecoins it aggregates. One that combines the stability and liquidity of each individual stablecoin it aggregates, to become a single, stronger asset.

We believe DLLR has the potential to become the primary driver, over the next decade, of bringing bitcoin to the masses. Bringing bitcoin to people who don't necessarily want to hold a long-term, volatile asset. People whose need is strong money they can use to transact, spend, and save with!

Are you ready to take part in the sovereign revolution?

Visit the new Sovryn web app, which now incorporates DLLR.

Stay Sovryn