Odaily Planet Daily reported that the Bitcoin DeFi protocol BeL2's developer Elastos has launched a BTC-backed stablecoin BTCD. The project's goal is to create a digital version of the Bretton Woods system. BTCD is backed by Bitcoin, and it is reported that the collateral amount for BTCD is equivalent to 160%-200% of its value. When the trading price of BTCD exceeds 1 dollar, holders will destroy it to reclaim BTC, reducing the supply and causing the price to drop. If the price falls below 1 dollar, users will mint new BTC and sell it, increasing the supply and causing the price to rise. (CoinDesk)