A yield-paying stablecoin on Arbitrum is the latest dollar-pegged crypto asset to bet that crafty algorithms can stand in place of fully-backed reserves. Sperax launched its algorithmic stablecoin, USDs, on the Ethereum scaling solution on Dec. 23. Anyone who posts token collateral can mint USDs and, according to Sperax’s team, receive interest payments from the revenue their collateral yields. Sperax plans to lessen the collateral demands over time as it shifts more power to its algorithms. ...