Sovryn Dollar

Rather than back a dollar with a single collateral type, Sovryn Dollar bundles several Bitcoin-backed stablecoins into one. Issued by Sovryn's Mynt protocol on Rootstock, Bitcoin's smart-contract sidechain, DLLR aggregates constituent tokens such as Money On Chain's DOC and Zero's ZUSD, each over-collateralized by BTC, on the theory that a basket is harder to break than any one component. The peg to the dollar rests entirely on Bitcoin reserves rather than bank deposits, and holders can redeem through the protocol for the underlying collateral without asking permission. There is no issuing company and no KYC; the whole arrangement is onchain and governed by the Sovryn project. The appeal is ideological as much as practical, offering Bitcoiners a dollar that never touches the traditional banking system. Its scale is small, in keeping with the niche Rootstock DeFi it serves.