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Stablecoin Issuer ECSA Secures $3 Million in Funding

Brazilian-based stablecoin issuer ECSA raised $3 million to bring the main carry currencies on chain.

The pre-seed funding round saw participation from investors including startup accelerator Y Combinator and Arca, said the company in the release.

A currency carry trade is when an investor borrows a low-yielding currency, also known as a funding currency, to buy a higher yielding currency, such as the Brazilian Real and the Japanese Yen. The trader then pockets the difference in interest rates between the two.

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