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.