Reserve protocol stablecoin project invests $20 million in Stake DAO, Curve, Convex to increase liquidity.
Stablecoin protocol Reserve is investing $20 million into the governance tokens of yield farming apps Curve , Convex and Stake DAO , according to a June 20 announcement. The investment is intended to increase the liquidity of Reserve’s stablecoins, called RTokens. It will also increase Reserve's voting power within these apps’ governance systems.
Reserve is a stablecoin protocol that allows users to create their own coins backed by any asset they wish. Electronic USD , High-Yield USD , Reserve , Reserve Dollar and ETH+ are a few examples of stablecoins that have been created through Reserve.Before the announcement, Reserve was already the seventh-largest holder of Convex tokens, behind only Mochi, Redacted, JPGd, Badger, Clever and FRAX. The protocol gained these tokens through its extensive use of Convex to earn yield for its users.
The protocol’s highest market cap coin, eUSD, is backed by dollar derivatives from Compound and Aave. It has a market cap of over $20 million and does approximately $500 million in trading volume per day. The team claims that eUSD has done over $5.7 billion in cumulative volume due to its use in the Android and iOS payment app RPay, which isThe protocol’s second-highest market cap coin, High-Yield USD, is backed by a basket of dollar derivatives through Convex and Flex Finance.
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