oneBTC is a stablecoin for the Bitcoin community. You must buy wBTC to mint oneBTC. You can use oneBTC to buy or sell goods and services, pay expenses and taxes, or to create USD exposure in DeFi (decentralized finance) applications.
oneBTC provides the hard peg of USDC/USDT without sacrificing decentralization nor giving up on driving Bitcoin scarcity.
oneBTC keeps its value at $1, is purely on-chain, and accrues a Bitcoin treasury.
Typically, when you want to make a trade and get out of Bitcoin to ‘get stable’, you need to trade Bitcoin into a stablecoin. Now you’re in an either/or scenario. Whether USDT, USDC, DAI, these other stablecoins capture value for themselves and do not drive the value of your Bitcoin hodlings. Remember, you just sold it to get stable.
Enter ICHI. With ICHI, you mint oneBTC with wBTC. In the process, you grow a Bitcoin treasury that YOU govern and control.