El Salvador to launch stablecoin Backed by USD!

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Galoy, the open source platform powering El Salvador’s Bitcoin Beach Wallet, announced the launch of a new synthetic stablecoin pegged to the dollar.

These are coins, called Stablesats, that do not require tokens to function, and would be easily spendable.

The system uses the Lightning Network in order to function, unlike all other stablecoins on the market.

The platform had made a $4 million capital raise in order to improve the project.