mStable🤝Abachi — Abachi Treasury deploys $1.5M into mStable Save
We are excited to announce that Abachi has deployed $1,000,000 USD of Abachi Treasury funds into mStable Save on both Ethereum and Polygon networks. Abachi plans to deploy an additional $500,000 USD to mStable Save in the coming days.
mStable Save is DeFi’s leading non-custodial and permissionless savings account with yields sustained from lending interest, swap fees and token rewards. Over $3B in volume has occurred on mStable, with a current TVL near $150M.
Abachi Treasury exists to fund Abachi Core, support partner development, and acquire other ecosystem projects that align with Abachi’s mission. The Treasury is comprised of a 50:50 combination of stablecoins and the OHM Token. Abachi will leverage mStable’s mUSD token as one of the native stablecoins in the Abachi Treasury. The Treasury works on a basic strategy of maximizing yield bearing assets, and mStable’s history of delivering industry-leading APYs supports this treasury strategy.
In addition to the $1.5M stablecoin allocation, Abachi Treasury has also acquired $36,000 USD worth of MTA, yielding staking rewards that will further grow the mUSD balance in the Abachi Treasury by allowing Abachi to direct incentives via the mStable emissions controller and other incentives in the future. mStable and Abachi governance will vote on staking these MTA and are confident this has strong support on both sides.
Why we chose mStable Save as a decentralized stablecoin account holder:
- Since its launch in 2020, mStable has consistently offered one of the highest interest rates for stablecoins (up to 14%) in a relatively safe manner.
- mStable has achieved consistent partner ecosystem growth, including strong DeFi projects like Olympus Pro and APY.Finance.
- The team and investors behind mStable indicate that mStable has a high bar for execution, and we are excited to grow with them.
- Abachi will open up more proposals in its governance to utilize mUSD as a stable asset.
In their partnership announcement, the mStable team stated “we are extremely excited to onboard Abachi and look forward to the growth of both protocols in 2022 and beyond.”
Abachi is building the technical rails to onboard the multi-trillion dollar TradFi industry into the decentralized finance world. Learn more about Abachi on Medium or by visiting abachi.io. You can also track ABI on CoinGecko and CoinMarketCap.
mStable is an autonomous and non-custodial infrastructure for pegged-value crypto assets.