As reported by The Street Crypto, a group of Harvard students and alumni, under New Bretton Woods (NBW) Labs, have introduced a Bitcoin-backed stablecoin called the Native Bitcoin Stablecoin (NBS). The whitepaper, released in late November, outlines the use of the Bitcoin-Elastos Layer 2 (BeL2) protocol to develop NBS. This stablecoin, pegged 1:1 to the U.S. dollar, allows Bitcoin holders to utilize their assets without selling them, facilitating lending, borrowing, and liquidity provision on DeFi platforms. The BeL2 protocol distinguishes itself by enabling smart contracts and DeFi operations while maintaining Bitcoin's security. The project aims to unlock dormant Bitcoin value and promote decentralized finance. The NBW team is also encouraging developer participation through grants and hackathons, focusing on EVM chain compatibility.
Harvard Students Propose Bitcoin-Backed Stablecoin Using Elastos
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