Babel Finance Plans To Launch Stablecoins To Offset A $766 Million Debt
Babel Finance, a cryptocurrency loan firm, is trying to develop a decentralized stablecoin to help consumers overcome massive debt owing to them as a result of events in 2022. The business’s co-founder has filed a petition for protection with a Singapore court, requesting the court to urge creditors not to sue Babel over the next six months to give the company more time to restructure.
Babel Finance’s reorganization plan includes a plan to pay off debts using the proceeds of a decentralized stablecoin project dubbed “Hope”, according to sources from Bloomberg. Hope will employ BTC and ETH as collateral and anchor the price to USD, similar to the notorious DAI (collateralized with USDC, ETH) or UST method (collateralized with LUNA). The distinction between Hope and Terra’s stablecoin is that the collateral is not established by the same business that generated LUNA-UST. The co-founder has filed a petition for protection with the Singapore court, requesting that the creditor refrain from taking legal action.
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