In the spirit of exploring web3 savings accounts via stablecoins I finally set up a ‘savings account’ on Maker (via oasis) using a DAI stablecoin. Given the fallout with algorithimic stable coins I thought it’s time to explore stablecoins collateralized by an underlying asset.
Keep in mind there are 2 types of stablecoins:
- Stablecoins backed 1 to 1 via a physical asset: USDC, PAX GUSD. Think of these as tokenized IOUs backed by the US dollar.
- Stablecoins backed by crypto collateral; some people call these ‘bankless’…
