Today there are five stablecoins with at least $1bn in crypto-USD float, there are many more with less than that...they are different brands with different unique selling points and so do not translate 1:1. As stablecoins bloom and DeFi markets grow beyond Ethereum to chains like Avalanche, Binance, Rootstock, Solana, etc. the combined USD liquidity gets fractured further which is sub-optimal for the industry. BabelFish turns these liquidity swamps into a liquidity lake.
Think of BabelFish as a translator, or a convertor, between different USD-stablecoin brands. Its function is to enable stablecoin exchange 1:1 across chains and survive market distortions.
We propose a simple solution: a decentralized aggregator and distributor of stablecoins that earns yield on the deposits's respective chains, and re-invests it weekly in a community-owned pool of Bitcoin - the ultimate insurance. Users vote in the direction of the protocol using FISH tokens.
BabelFish is a stablecoin dBank with branches across the DeFi multi-chain universe. DeFi degenerates may use niche- solutions, but these are cumbersome and provide no insurance. If a user wants to use her USDC on another chain, she can stick it on BabelFish and seamlessly get a convertible stablecoin on the other side, backed by a bitcoin insurance pool in which she has a vote to govern.