Status Network to launch its own stablecoin

Status Network (SNT) has announced its own stablecoin protocol, FIRM, to support its Layer 2 ecosystem. Based on the Ethereum (ETH)-based lending protocol Liquity V2, FIRM will issue USF, a U.S. dollar-pegged stablecoin that uses ETH and SNT as collateral. The protocol will also offer benefits such as gas-free transactions depending on usage.