SINGAPORE, Oct. 21, 2022 /PRNewswire/ — WEMIX Dollar (WEMIX$), a stablecoin issued by WEMADE, will be unveiled on October 22 with potential to expand the WEMIX ecosystem.
On October 20, WEMADE announced the launch of WEMIX$ scheduled for October 22. The WEMIX$ will be backed by USDC, a stablecoin issued by Circle. For every WEMIX$ issued, a dollar of USDC will be held in reserve. USDC can be characterized by its steady value as it is backed by actual dollars and WEMADE plans to maintain the value of WEMIX$ by pegging WEMIX$ to USDC.
Furthermore, WEMADE will activate the DIOS protocol to maintain the value of the WEMIX$ at $1. The DIOS protocol is for issuing and burning the stablecoin to keep the WEMIX/USDC ratio at 1:1.
Henry Chang, CEO of WEMADE, introduced the WEMIX$ and disclosed information about the DIOS protocol during his keynote speech at the blockchain conference TOKEN2049 held in Singapore on September 28. WEMADE’s stablecoin WEMIX$ is devised so that the issuance of the stablecoin increases in accordance with the growth of the WEMIX ecosystem. The DIOS protocol was designed to this end.
For example, if the value of WEMIX$ becomes higher than 1USDC, the DIOS protocol will automatically issue additional WEMIX$ to match its value with 1USDC. On another hand, when there is high demand for WEMIX$, increasing its price over $1, the DIOS protocol kicks in automatically to issue additional WEMIX$.
The newly issued dollar of WEMIX$ will be exchanged with 1.1USDC and 1USDC will be immediately put into the reserve. The plan is to return the reserve to WEMIX investors through the DIOS staking program.
Chang noted "WEMIX$ has all the requirements of a stablecoin" and emphasized that "If WEMIX$ operates successfully as planned, it will not only contribute to the growth of the mainnet ecosystem of WEMIX but also become a key currency for blockchain transactions."
In addition to the issuance of WEMIX$, WEMADE will disclose the WEMIX DeFI service, WEMIX.Fi on October 22. WEMIX$ and WEMIX.Fi are expected to be the economic foundation of the WEMIX ecosystem.