Decentralized Social Media’s DeSo Token Rallies Amid Stablecoin Plans
Decentralized Social Network DeSo’s native token (DESO) railled Thursday as traders digested an expansion of the project’s content strategy and its plans to integrate Circle’s widespread USDC stablecoin.
DeSo was trading around $17.82 at press time on a 25.6% daily jump, with strong spikes immediately preceding and following the platform’s stablecoin announcement at 1:04 PM eastern time Thursday, per CoinGecko. The token has a current market capitalization of $165 million, or one tenth of its peak total value last October.
The self-described decentralized alternative to social media’s giants says it will let developers create “social apps” that can’t be knocked offline. That ecosystem will presumably need payments rails – leading to the onboarding of USDC, a top-three stablecoin.
It wasn’t immediately clear whether DeSo’s own blockchain will get a native form of USDC or if it will issue a kind of depository receipt token in their stead. Press releases earlier this week described “DeSoDollars” that users get when depositing USDC into DeSo. A representative did not immediately respond.
DeSo also this week expanded its content strategy to include long-form writing like blog posts, adding Wordpress and Medium to the list of internet media behemoths it seeks to disrupt.