Palladium and Botanix Labs have announced the launch of a new stablecoin, PUSD, on Bitcoin’s first EVM-equivalent Layer 2 network, according to a press release sent to Bitcoin Magazine.

The PUSD stablecoin, developed by Palladium Labs, boasts a unique feature of being over-collateralized by 110%, a strategic measure aimed at enhancing its resilience against potential risks inherent in DeFi infrastructure. Importantly, the stablecoin’s algorithmic monetary policy attempts to remain immune to governance changes or manipulation by administrator keys, aiming to ensure its integrity and reliability.

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