Platypus to Launch Native Stablecoin $USP

Platypus, an AMM protocol based on Avalanche, announces that it will launch its native stablecoin, $USP. It is USD pegged over-collateralized stablecoin. Platypus said it will utilize stableswap TVL as LP collateral, and will also utilize the stableswap algorithm as a mechanism for maintaining peg.

Platypus is a single-side AMM (decentralized exchange) designed for exchanging stable cryptocurrencies (ERC20 tokens) on the Avalanche blockchain. Previously, Platypus closed a $3.3M financing round in December 2021.