Tech

Flare Brings Three Yield-Bearing Stablecoins to Boost DeFi Access

2 days ago
Bitcoin Ethereum News
  • Flare introduces USDC, USDT0, and USDX, all yield-bearing stablecoins powering deeper decentralized finance activity.
  • XRP holders can now use FXRP to stake or join DeFi on Flare, thanks to new features and partnerships.

Flare has expanded its DeFi reach by launching three stablecoins: USDC, USDT0, and USDX. But these are not ordinary stablecoins that are simply a means of exchange and then forgotten. All three have one advantage that immediately caught the attention of the community: they are yield-bearing.

This means that by simply storing one of the three assets on the Flare network, users can start earning returns, without the hassle of staking or participating in certain programs.

The result? In the past two months, Flare’s market cap has skyrocketed 23.5 times. This surge is not just a matter of speculation, but is seen in line with the entry of various productive assets into the ecosystem. And clearly, the existence of stablecoins that can ‘make their own money’ on a rapidly developing network like Flare is a magnet in itself.

Flare Makes XRP Work Smarter While Helping Builders Move Faster

Furthermore, the Flare ecosystem does not only rely on these three stablecoins as added value. A few weeks ago, we also reported that VivoPower had allocated $100 million in XRP to the Flare network. The goal? To generate yield too. This move is made possible by Flare’s FAssets system, which opens up institutional-based DeFi access.

So while assets like XRP used to just ‘pass through’ on DeFi platforms, they can now be used directly within the system, even with the added security and convenience of the latest update.

In early June, Flare also partnered with Uphold to open up access to yield and DeFi activities for XRP holders via FXRP. This is good news for those who usually only store XRP in cold wallets or just wait for the price to rise. Because now, XRP can ‘work on its own’—participate in staking, be used in liquidity pools, or be part of a more active fund development strategy.

On the other hand, in order for all this potential to be truly utilized, Flare realizes that developers also need a toll road, not a rocky road. That’s why they’ve partnered with Ankr, a high-performance RPC service provider. This collaboration simplifies the process of building dApps on the Flare network.

Simply put, developers can now build directly without having to bother with node management or backend servers. It’s more practical, faster, and of course, more attractive for small teams who want to launch their projects immediately.

However, all of these developments are not without challenges. Competition between DeFi networks is getting tighter, and user trust is still a crucial factor. However, Flare is no longer just an alternative network. With a productive stablecoin, XRP staking features, and developer-friendly infrastructure, Flare is starting to emerge as a serious candidate in the DeFi scene.

Meanwhile, as of press time, FLR is changing hands at about $0.01674, down 2.89% over the last 24 hours and 7.57% over the last 7 days.

Source: https://www.crypto-news-flash.com/flare-brings-three-yield-bearing-stablecoins-to-boost-defi-access/