In a recent development, the Bifrost Foundation has allied with the Stacks Foundation to explore new opportunities within the Bitcoin ecosystem. This partnership is dedicated to harnessing Bitcoin’s potential by introducing innovative use cases and improving interoperability with assets and protocols based on Bitcoin.

Bifrost and Stacks Foundation Partner to Expand Bitcoin Ecosystem

On Thursday, Bifrost announced that the goal of the alliance is to enhance Bitcoin’s utility by incorporating Bifrost‘s offerings into the Stacks ecosystem, which operates as a layer two (L2) solution for Bitcoin. A notable outcome of this collaboration is the introduction of Btcfi by Bifrost, a service that facilitates the creation of BTCUSD, a stablecoin pegged to Bitcoin.

Furthermore, the Stacks network is preparing for an update that will unveil SBTC, a programmable asset backed by Bitcoin designed to support decentralized transactions across Bitcoin’s layers. Bifrost has outlined that its partnership with the Stacks Foundation will broaden the range of Bitcoin’s applications, creating fresh avenues for users of both Bitcoin and Stacks.

“We are excited to be part of the future of Bitcoin as envisioned by the Stacks community,” expressed Dohyun Pak, founder of the Bifrost Foundation. Mitchell Cuevas, the executive director at the Stacks Foundation, reiterated their dedication to fostering innovation within the Bitcoin ecosystem, underlining the importance of Btcfi and BTCUSD in diversifying the choices available to users on the Stacks layer.

Source : Bitcoin.com News / Mar 15, 2024