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<p class="is-style-lead">Decentralized finance lending platform Euler Finance has introduced a new hybrid token called Maxi.</p>
<p>Euler Labs, the team behind the decentralized finance lending protocol on Ethereum (<a rel="noopener noreferrer nofollow" href="https://crypto.news/price/ethereum/">ETH</a>), announced the development on Sept. 16. Maxi, as the platform explained in a <a href="https://x.com/eulerfinance/status/1835697389136675186" target="_blank" rel="noopener noreferrer nofollow">post on X</a>, is a bespoke lending product designed to offer its users greater capital efficiency.</p>
<h2 class="wp-block-heading" id="a-stablecoin-backed-with-range-of-assets">A stablecoin backed with range of assets</h2>
<p>Maxi is a stablecoin whose key features include a blend of assets and cross-collateralization for both capital efficiency and risk mitigation, Euler Finance posted.</p>
<p>In terms of the assets backing the new stablecoin, Euler revealed it includes tokenized treasury bills, yield-bearing tokens, synthetic dollars, and fiat-backed stablecoins. Specifically, Maxi launches with assets backing its value, including Ondo Finance’s (<a rel="noopener noreferrer nofollow" href="https://crypto.news/price/ondo/">ONDO</a>)’s U.S. tokenized Treasury bill Ondo U.S. Dollar Yield (USDY) and Usual Money’s real-world asset-backed stablecoin USD0.</p>
<p>The other assets are Ethena (<a rel="noopener noreferrer nofollow" href="https://crypto.news/price/ethena/">ENA</a>)’s synthetic dollar USDe and yield-bearing synthetic dollars sUSDe and stUSD. Circle’s globally-adopted stablecoin USDC (<a rel="noopener noreferrer nofollow" href="https://crypto.news/price/usd-coin/">USDC</a>) is another.</p>
<p>You might also like: <a rel="noopener noreferrer nofollow" href="https://crypto.news/circle-brings-usdc-stablecoin-to-sonys-blockchain/"> Circle brings USDC stablecoin to Sony’s blockchain </a></p>
<h2 class="wp-block-heading" id="incentives-for-users">Incentives for users</h2>
<p>Euler is launching an incentivization program allowing users to collateralize sUSDe and USDe to earn Ethena’s sats. Network participants can also lend or borrow with USD0 to receive Usual Money Pills, or stUSD to earn Angle Protocol’s native token ANGLE. Users who lend USDC will receive Euler XP.</p>
<h2 class="wp-block-heading" id="k3-capital-among-firms-helping-to-secure-maxi-vaults">K3 Capital among firms helping to secure Maxi vaults</h2>
<p>According to Euler Labs, institutional asset manager K3 Capital, digital asset investment platform MEV Capital, and decentralized finance research provider Re7 Capital will actively manage Maxi’s vaults.</p>
<p>These firms will monitor and adjust the vault parameters where possible for maximum efficiency and safety, Euler Labs noted.</p>
<p>In March 2023, Euler Finance <a rel="noopener noreferrer nofollow" href="https://crypto.news/defi-protocol-euler-finance-suffers-a-197-million-hack/">suffered a flash loan attack</a>, with the exploit leading to the loss of $197 million worth of crypto assets at the time.Stolen assets included Dai (<a rel="noopener noreferrer nofollow" href="https://crypto.news/price/dai/">DAI</a>) wrapped Bitcoin (<a rel="noopener noreferrer nofollow" href="https://crypto.news/price/wrapped-bitcoin/">WBTC</a>), Lido staked Ether (<a rel="noopener noreferrer nofollow" href="https://crypto.news/price/lido-staked-ether/">stETH</a>) and USDC.</p>
<p>The hacker however returned most of the funds, with a total of <a rel="noopener noreferrer nofollow" href="https://crypto.news/euler-hacker-returns-31m-bringing-funds-recovered-to-177m/">over $177 million recovered</a> by early April 2023.</p>
<p>Read more: <a rel="noopener noreferrer nofollow" href="https://crypto.news/euler-exploiter-remorseful-returns-more-funds-to-protocol/"> Euler exploiter remorseful, returns more funds to protocol </a></p>

DeFi protocol Euler Finance announces launch of new stablecoin Maxi

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