Exodus Movement, Inc. and Sovryn have announced that the Sovryn Dollar (DLLR) asset will be added to Exodus’ corporate treasury. This allocation represents about 25% of Exodus’ quarterly interest income. The Sovryn Dollar is a decentralized, dollar-pegged stablecoin that is fully backed by Bitcoin.
Exodus CEO and Co-Founder, JP Richardson, stated that this treasury allocation represents a move towards financial control and self-custody. He also mentioned that they are excited to join the Sovryn community and participate in building the leading Bitcoin DeFi platform. The Sovryn Dollar asset will soon be available to all of Exodus’ users across various platforms.
Exodus’ decision to adopt Sovryn Dollar as their treasury asset showcases their commitment to stability in an environment where banking services for crypto companies are increasingly unstable and centralized stablecoins have proven to be unreliable. Choosing DLLR allows Exodus uninterrupted access to operational funds and a reliable store of value that can be self-custodied, which is crucial in the rapidly evolving digital finance landscape.
Yago, a core contributor to Sovryn, expressed that Exodus’ adoption of the Sovryn Dollar is a significant milestone in their mission to build sound finance with sound money. Sovryn and Exodus share a common vision of decentralized, secure DeFi that empowers individuals to be their own bank. With Exodus’ extensive reach, they are well-positioned to bring decentralized financial services to a wider audience and democratize access to financial sovereignty that the Bitcoin network offers.
Exodus is a multi-asset software wallet that aims to help half the world exit the traditional finance system. Founded in 2015, Exodus provides an easy-to-use wallet for secure, managing, and exchanging cryptocurrencies. Their self-custodial functionality ensures privacy, security, and complete control over users’ wealth.
Sovryn is a decentralized and community-based platform that offers decentralized financial services on the Bitcoin network. Their financial tools leverage self-custody, enabling users to trade, lend, borrow, or leverage their Bitcoin. Sovryn has been active since 2020 and is driven by a deep love for Bitcoin.