Popular decentralized finance platform - Yearn Finance has announced the creation of a new lending protocol called StableCredit. StableCredit - Yearn Finance's new protocol StableCredit combines tokenized lending stablcoins, loans and one-sided automated marketplace entities. The company describes the new product as a "fully decentralized lending protocol" akin to MakerDAO (MKR). Users can deposit USD Coin (USDC) to issue StableCredit USD at a ratio of up to 75%. StableCredit can then be exchanged for other cryptocurrencies. To release the blocked USDC, users must deposit the borrowed StableCredits back into the protocol. The September 10 announcement states that the StableCredit user interface is currently being finalized. The protocol is expected to be launched publicly "in the coming weeks." The protocol will not distribute token governance to users. This tactic is often used to encourage the use of new DeFi platforms. YFI's own governance token Yearn Finance has been a major beneficiary of DeFi's recent bubble, posting a gain of over 800% in August. The YFI token reached an ATH of $38,000 at the time, and its price topped that of Bitcoin. Yearn Finance founder Andrew Cronje expressed disdain for the current state of the DeFi sector: "Yearn has gained popularity for its diverse lending protocols, and its 'treasuries' have recently attracted investors with the promise of high returns and reduced transaction fees by pooling resources." YFI has gained 11.4% in the past 24 hours. The price was influenced by the announcement of Coinbase Pro exchange, which will introduce support for this token from September 14, 2020. Recent news from the cryptocurrency market Yesterday, we reported that as part of an initiative to bring stablecoin USD Coin (USDC) to other blockchains, USDC is now available on the public Algorand blockchain. USDC on the Algorand blockchain has 1-tier scalability and allows for over 1,000 transactions per second (TPS). At the same time, transaction fees are less than one cent (exactly 1/20th of one cent to be precise). Tags stablecoin Stablecredit Yearn Finance YFI
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