Key Takeaways:
- Harvard alumni launched the “New Bretton Woods Project” to address global debt via Bitcoin-backed stablecoins on a Bitcoin layer-2 network.
- The project integrates Bitcoin’s security with Ethereum-based protocols for stablecoin issuance, lending, and borrowing.
- With U.S. national debt surpassing $35 trillion, the initiative gains traction alongside calls for Bitcoin in U.S. Treasury assets.
Harvard students and alumni have launched the “New Bretton Woods Project” to address the global debt crisis by creating Bitcoin-backed stablecoins.
The initiative aims to build a stablecoin on the Bel2 network, a Bitcoin layer-2 solution, enabling users to control their Bitcoin while offering lending, borrowing, and stablecoin issuance opportunities.
Introducing the New Bretton Woods project led by Harvard students and alumni ✨
— Elastos (@ElastosInfo) September 19, 2024
NBW—leveraging the innovative BeL2 infrastructure—aims to develop a bitcoin-backed stablecoin to address challenges in the global financial system!
📖 Learn more → https://t.co/F2rBoLwhFA pic.twitter.com/DgS4FwUjw2
The project combines Bitcoin’s store-of-value with enhanced liquidity by using the security of Bitcoin’s main layer and interacting with Ethereum-based protocols.
This initiative emerges as global debt reaches unprecedented levels, with the U.S. national debt surpassing $35 trillion.
Economists are concerned that interest payments on the debt now exceed annual defense spending.
Just announced Harvard team, ‘New Bretton Woods’, were confirmed by Harvard Innovation Labs only yesterday that they will be incubated, building a Native-Bitcoin Backed Stable Coin using @Be_Layer2’s decentralised network clearing service to solve the Global Debt Crises.
— Sash (@sash__mit) September 19, 2024
Issue… pic.twitter.com/RkUxPt5eHb
The project’s founders believe Bitcoin’s decentralized structure and stability can help mitigate risks in traditional financial systems.
Harvard Innovation Labs will support the initiative.
Meanwhile, some lawmakers, like Senator Cynthia Lummis, have proposed Bitcoin as part of U.S. Treasury assets, and former President Trump has suggested Bitcoin as a potential solution to the debt crisis.
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