Gyroscope Launches Reserve-Backed Stablecoin GYD on Ethereum, Aims for Price Stability with $4.5M in Investor Backing
• Gyroscope’s decentralized, reserve-backed stablecoin GYD went live on Ethereum mainnet after testing on Polygon
• GYD aims to protect against risks of holding other stablecoins by storing assets in segregated, yield-generating vaults
• Backed by $4.5M from investors like Galaxy, Placeholder, Maven 11 to diversify assets and stabilize $1 peg
• Attracted nearly $30M TVL in lead up to mainnet launch across liquidity pools
• Developed features like risk rules, oracles, circuit breakers to algorithmically manage reserves for price stability