Etherisc launches USDC stablecoin depeg protection cover powered by Chainlink’s data feed. Customers receive automatic payouts if USDC falls below $0.995 and doesn’t recover within 24 hours. Etherisc Launches USDC Depeg Protection Cover Powered by Chainlink Etherisc, ...
- Etherisc launches USDC stablecoin depeg protection cover powered by Chainlink’s data feed.
- Customers receive automatic payouts if USDC falls below $0.995 and doesn’t recover within 24 hours.
Etherisc Launches USDC Depeg Protection Cover Powered by Chainlink
Etherisc, an open-source decentralized insurance protocol and ecosystem, has launched a first-of-its-kind USDC depeg protection cover powered by Chainlink. As a peer-to-peer parametric product, the cover automatically pays out to customers if the price of USDC falls below its $1 USD pegged value by 0.5% for a period longer than 24 hours.
The cover is backed by blockchain technology, eliminating lengthy claims and assessment processes, and providing exceptional value assurance and fast payouts for covered USDC deposits.
.@etherisc has launched a parametric insurance solution for USDC depeg protection. It references a USDC/USD #Chainlink Price Feed and issues automated payouts if certain conditions are met.Explore how Chainlink helps unlock novel insurance solutionshttps://t.co/2SlwMctuEI pic.twitter.com/E8W8ZVHLW4— Chainlink (@chainlink) April 27, 2023
Chainlink-Powered USDC Depeg Protection Cover to Bring Peace of Mind for Investors
In response to the recent failures of several banks and the unstable nature of the cryptocurrency market, Etherisc has launched a revolutionary USDC depeg protection cover powered by Chainlink. The automated, blockchain-backed policy automatically provides payouts to customers if the value of the USDC stablecoin falls below $0.995 and doesn’t recover within 24 hours. This peer-to-peer parametric product is a first-of-its-kind and brings immediate peace of mind for investors and their USDC deposits.
The USDC depeg protection cover is a significant milestone in the roadmap of Etherisc’s self-sustaining, decentralized insurance platform. The product underwent extensive and successful testing during the recent USDC live depeg event in March 2023. Additionally, Etherisc will enable peer-to-peer risk pools, allowing USDT holders to ask for rewards on their staked capital through premiums paid by those availing of depeg protection. These risk pools will also be used to cover the cost of payouts in the event of a depeg incident.
The partnership with Chainlink has provided Etherisc with a time-tested data feed that verifies automatic pre-specified payouts to protect USDC deposits in non-custodial wallets. The value of customer payouts is calculated by an Ethereum-based smart contract, taking into account the amount covered, the customer’s total USDC balance at the time of the depeg event, and the USDC price at that time. The product initially covers a minimum of 2,000 USDC per wallet, with plans to extend coverage to other stablecoins in the future.