Stablecoin developer Standard Money completes $8 million funding round, led by Yzi Labs

Jinse Finance reported that Standard Money, the developer of the algorithmic stablecoin USDsd based on BNBChain, announced the completion of an $8 million funding round. This strategic round was led by YziLabs, with participation from an undisclosed exchange, Cryptocom, and Animoca Brands. USDsd is a yield-seeking algorithmic stablecoin, designed with reference to Tether’s USDT, the world’s largest stablecoin by market capitalization. The funds from this round will be used to support the mainnet deployment of Standard Money and to expand its liquidity partners and global operations. Algorithmic stablecoins are a type of token that maintains a peg to a target asset through smart contracts and economic incentive mechanisms, thereby managing circulating supply.