The best of multiple Bitcoin-backed stablecoins — in one censorship-resistant, ultra-stablecoin you can rely on.
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A truly decentralized alternative is needed. This need is only becoming more urgent as regulatory actions are increasingly threatening existing stablecoins.
Mynt is a stablecoin aggregator for various USD-pegged, BTC-backed stablecoins
Your benefits compared to other stablecoins:
These worst case scenarios aren’t possible on Sovryn:
Sovryn’s core mission is to continue Satoshi’s mission to establish new territories of freedom by building trustless economic tools on Bitcoin. Central to accomplishing this mission is to remove the need for intermediaries or the constraints that they impose. We started with DeFi—but the possibilities are endless on Bitcoin.
Your most common questions, answered. Missing something? Ask us here.
Sovryn Mynt is an aggregator protocol for BTC-backed stablecoins. MYNT will be initially used only for Sovryn Mynt treasury governance.
Sovryn Mynt will be the protocol that mints the Sovryn Bitcoin-stablecoin. The contract will aggregate different methods of creating BTC-backed stability. Various Bitcoin-backed stablecoins will be deposited and held by the contract, which will mint the aggregated stablecoin. This stablecoin will also be redeemable for the Bitcoin stablecoins held in the Mynt pool or Bitcoin
The first BTC-stability protocols that will feed into the Sovryn Mynt are Money on Chain (MoC) through the DOC token and Zero through the ZUSD token.
The Sovryn Mynt protocol will initially be governed by the SOV Bitocracy, while the Sovryn Mynt treasury will be governed by the MYNT Bitocracy.
There are many problems facing existing stablecoins:
- Many stablecoins today rely on central intermediaries which bring a whole host of issues;
- Government crackdown leading to loss of funds
- User addresses get blacklisted because of “suspicious” activity
- The SEC decides to sue Tether and seize fundsUser funds get locked without notice - and they can’t move them until they go through a KYC procedure
- Many are backed by collateral that is inferior to BTC. (e.g.) $USD
- Instability - The stablecoin can end up trading above or below the peg due to volatility
- Shallow liquidity - Depending on the single stablecoin, liquidity can get very low
These issues compromise the stability, trust and predictability of the coin.