OpenDelta, a stablecoin company focusing on Bitcoin, has recently raised $2.15 million in a pre-seed round led by 6th Man Ventures, according to CEO Konstantin Wünscher. In an interview, Wünscher stated that their goal is to use Bitcoin to establish a stable value in fiat currency.
The company plans to tap into the latest trend in Bitcoin and decentralized finance (DeFi) by utilizing Runes, a concept developed by developer Casey Rodarmor during the Bitcoin halving on April 19. Runes allows for the creation of fungible tokens on the smallest unit of Bitcoin, known as satoshis. This innovation has gained significant traction, evident from a Dune dashboard from Crypto Koryo.
OpenDelta’s flagship token, USDO, will maintain its value by hedging Bitcoin deposited by users as collateral. However, the token will not be available until May and will initially only be accessible to those on the waitlist for the closed beta. The company plans to expand the use of Runes to other layers of Bitcoin in the future.
According to Wünscher, USDO will also offer yield-bearing benefits for its holders. This will be achieved by trading in derivatives markets to retain its dollar value. To mint USDO, users will need to deposit Bitcoin as collateral into a wallet that will be managed by institutional-grade custodians, as stated in a press release.
OpenDelta is at the forefront of the emerging DeFi scene for Bitcoin in the Runes era. Wünscher believes that the traditional Bitcoin community, including himself, may not be familiar with the norms and complexities of Ethereum DeFi. Therefore, they aim to create a unique experience for Bitcoin users by tapping into the untapped potential of Bitcoin.
