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Ren and UMA launch a Bitcoin-backed yield dollar

Published 09/09/2020, 09:29 PM
Updated 09/09/2020, 11:00 PM
Ren and UMA launch a Bitcoin-backed yield dollar
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Trustless cross-chain bridge Ren and permissionless synthetic asset platform UMA have teamed up to launch a Bitcoin-backed yield dollar called uUSD, in addition to a joint liquidity mining reward program.

The partnership will result in a product that allows investors to leverage Bitcoin permissionlessly on the Ethereum network. The uUSD is UMA’s second yield dollar product following an Ethereum-backed yield dollar called yUSD, launched in July 2020. The concept was highly successful with over 10 million yUSD minted over the past two months.

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