March 30, 2023

Hong Kong-based crypto lending platform, Babel Finance, has announced plans to introduce a decentralized stablecoin to repay its creditors. The stablecoin, called HOPE, will be part of a dual token ecosystem alongside Light Token. The project, called “Babel Recovery Coins,” will initially be backed by Bitcoin and Ethereum, with more coins to be added later. Babel Finance raised $80 million in May 2022 but suspended redemptions and withdrawals in September due to liquidity issues. The company’s restructuring efforts are being led by co-founder Yang Zhou, who is now the sole director. The introduction of HOPE is seen as a step towards resolving the company’s financial issues.

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