Angle Initiates Private Beta For USDA With $50,000 Reward

Angle introduces an upcoming decentralized USD-pegged stablecoin called USDA, which will undergo a private beta test.

Protocol for over-collateralized stablecoins An upcoming decentralized USD-pegged stablecoin, USDA, will be tested in a private beta by Angle. In preparation for its official release, the private beta will run from April 8th through the 16th.

There will be a chance for participants to split $50,000 worth of OP (optimism) tokens during the beta test. Every day, members will receive OP awards proportional to their stUSD balance on Optimism. During the private beta, testers who have stUSD on hand will also be eligible to earn a return on their USDA deposits.

Beta testers will receive a total of $50,000 over eight days, with a daily distribution of $6,250 in OP tokens. Angle Labs’ reward hub, Merkl, will be responsible for dispersing the prizes.

Gain early access to the stablecoin and be eligible for incentives by participating in the beta test if your address has Wagame Optimism Citizenship, veANGLE, DegenScore, Cryptotesters, or Lobster DAO Llamas non-fungible tokens (NFTs). In order to be considered for whitelist access, interested parties who do not possess the above tokens or NFTs can contact Angle via Discord or X and provide their Ethereum address.

Angle Protocol Facilitates Access to the Forex Market for USDA and EURA Stablecoin Issuance

The Angle protocol ensures the stability of the assets tied to stablecoins by simplifying their issuance. A few of its modules include the Borrowing and Transmuter ones, which facilitate the lending and borrowing of Angle stablecoins via collateral and the trading of stable assets for Angle stablecoins. In addition, AMOs, or algorithmic market operations, involve the protocol.

Through this interaction, the system automatically allocates a portion of the revenue it generates to savings products for stablecoin holders. As a result, they can also earn a native return on their assets.

The protocol now creates stablecoins tied to the value of the national currencies, USDA and EURA. Staking these stablecoins will reward holders with stUSD or stEUR, the respective native yields.

Specifically, the USDA stablecoin provides liquidity akin to USDC and enhances accessibility to on-chain currency markets. Some of its features are anti-depeg mechanisms, methods for saving, and tools for borrowing and leveraging. In addition, it is able to keep its peg to the fiat currency stable thanks to institutional-grade reserve management.