The GYD stablecoin launched by Gyroscope is now live on the Ethereum mainnet

ChainCatcher news, according to CoinDesk, Gyroscope's "all-weather" stablecoin gyro dollar (GYD) has launched on the Ethereum (ETH) mainnet. The team stated, "GYD is a means to guard against the risks of holding stablecoins, allowing risk management to be on autopilot."

Gyroscope claims to be an alternative to centralized and algorithmic stablecoin designs, promising to protect holders from any decoupling events. As a decentralized, non-custodial stablecoin, GYD is fully backed by reserve assets and employs an algorithmic mechanism to peg its price at 1 dollar.