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ShapeShift DAO Launches Its First Token-Backed Stablecoin

ShapeShift is joining seven other DeFi projects in rolling out the platform’s native “branded dollar.” 
Through a partnership with the stablecoin platform ICHI, every “oneFOX” token will be pegged to the U.S. dollar and backed by ShapeShift’s native FOX token and another popular stablecoin, USD Coin (USDC). Similar so-called “oneTOKENS” already exist for Uniswap, Filecoin, Dodo, Perlin Network, 1inch Network, Fuse Network, and Fuse. 
Unlike traditional stablecoins like Tether’s USDT and Circles’ USDC, oneTOKENS are fully controlled by the project that launches them. 
To mint its native stablecoin using ICHI, community members need to supply one part native cryptocurrency (i.e. UNI, FIL, FOX, etc…) and one part USDC. The ratio of the native asset to USDC varies from project to project. 
Perlin’s branded dollar, for example, has a minting ratio of 98%, meaning users need $98 worth of USDC and $2 worth of PERL to mint 100 onePERL tokens. Conversely, Filecoin is 9

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