Exodus integrates Sovryn stablecoin with wallet; adds asset to its $100M treasury
Users of the multi-currency wallet will soon be able to use the DLLR stablecoin.
Exodus adds DLLR stablecoin to treasury
Exodus CEO and Co-Founder JP Richardson said:
“Besides taking its place on our corporate balance sheet, the Sovryn Dollar asset will soon be available to all of Exodus’ users … Exodus is leading by example.”
The company said its initial allocation to the treasury represents 25% of its quarterly interest income but did not provide an exact amount.
Exodus holds other digital assets alongside cash and cash equivalents and Treasury bills. The assets held by the company as of March 31, 2023, are shown below and are based on the company’s Q1 2023 investor report:
|Asset||Book value||Market value|
|Other digital assets||$60,000||$129,000|
|Cash and cash equivalents||$17,854,000||$17,854,000|
Cryptocurrencies, including stablecoins, made up $46.9 million of Exodus’ total holdings by market value and $23.7 million of the firm’s total holdings by book value.
Exodus wallet users can access Sovrny dollar
As noted, Exodus will also integrate the Sovryn Dollar with its multi-currency wallet, allowing general users to make use of the stablecoin.
Sovryn core contributor Yago described the Sovryn dollar as a stablecoin backed by Bitcoin. He said that Exodus’ addition of it demonstrates the “value and stability” of Bitcoin-backed stablecoins and said that the addition would bring DeFi to a wider audience.
Exodus’s status pages show that its wallet currently supports 367 cryptocurrencies. The addition of Sovryn, which is not yet listed, should bring that number to 368.