Ducat to wind down protocol, begin holder redemptions

Bitcoin-based stablecoin protocol Ducat announced on its official X account that it will gradually shut down operations and start user redemptions.

Ducat said its designed price-floor maintenance mechanism did not function as intended. The protocol added that each DUCAT will be eligible for a proportional distribution of treasury assets, while all deposited assets can be returned regardless of lockup periods. Ducat also said it has completed a snapshot of current holders, and addresses included in the snapshot can redeem DUCAT from the treasury.

Source: Coinness