Stablecoin platform Reserve Protocol has launched on the Ethereum Layer 2 Base, allowing users to create asset-backed tokens.
Decentralized stablecoin protocol Reserve has launched on the Coinbase-incubated Layer 2 network Base, its first deployment beyond the Ethereum mainnet, according to a statement.
Reserve's collateral options on Ethereum and Base include major stablecoins, ether and wrapped bitcoin, on their own or in yield-bearing form from protocols such as Compound, MakerDAO, Aave, Convex, Curve, Morpho and Flux Finance, the project said. During the tumultuous 2023 run on Silicon Valley Bank, eUSD was severely stress-tested when Circle's USDC stablecoin reserves, housed at the bank, plummeted from $1 to 88 cents. eUSD's decentralized “self-healing” mechanism kicked in, autonomously recapitalizing and returning to the $1 peg without relying on regulators or bank guarantees. This self-recovery feature is inherent to all RTokens, Reserve said.
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