Former CEO and founder of Babel Finance, Flex Yang, has introduced a new decentralized stablecoin called HOPE. Backed by crypto-native reserves, the stablecoin seeks to blend centralized finance (CeFi), decentralized finance (DeFi), and traditional finance (TradFi) to deliver transparency and security. Unlike other decentralized stablecoins, HOPE will maintain its dollar peg by relying on market makers and arbitrage traders. The stablecoin will also have added functionalities such as a DeFi clearance application called HopeConnect that enables users to trade derivatives across major exchanges. The first DeFi project in the Hope ecosystem is HopeSwap, an on-ramp to allow users to buy HOPE. The other applications include HopeLend, HopeEcho, and other third-party DeFi applications. Babel Finance, a leading crypto lending platform, is working on a new plan to raise money through a crypto-backed stablecoin called the Babel Recovery Coin, which is different from HOPE.