Quick take:
- The coin is structured like a governance token, allowing holders to vote on reward distribution.
- BUCK pays 7% annual yield, with returns accruing minute by minute, and is initially available to non-U.S. users.
- While initially priced at $1.00, BUCK is not marketed as a stablecoin and does not maintain a hard dollar peg, according to founder and CEO Travis VanderZanden.
Buck Labs, a crypto company and issuer of a yield-bearing savings coin aimed at holders of dollar-pegged cryptocurrencies like stablecoins, has launched the BUCK crypto token. The token generates yield from Strategy’s (MSTR) bitcoin-linked preferred stock, according to a press release seen by NFTgators.
The coin is structured like a governance token, allowing holders to vote on reward distribution. BUCK pays 7% annual yield, with returns accruing minute by minute, and is initially available to non-U.S. users.
While initially priced at $1.00, BUCK is not marketed as a stablecoin and does not maintain a hard dollar peg, according to founder and CEO Travis VanderZanden.
“Every healthy economy needs both a way to spend and a way to save, which is why Buck introduces the SavingsCoin,” VanderZanden said. “Stablecoins have become very good at moving money, but Buck is designed for what happens in between, earning rewards on idle capital.”
The launch comes amid the recent rebound in the crypto market, with the Bitcoin price, which the token is indirectly linked to through Strategy, rising to trade above $94,000 for the first time in over a month.
According to VanderZanden, BUCK is designed for users who want to make predictable returns from crypto without actively trading.“People want a simple way to earn rewards in crypto without becoming speculators,” he said. “Buck is designed to make saving in crypto more intuitive.”
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