Miami staking its coins to give BTC yield to its residents
Miami Mayor Francis Suarez is well on his way to becoming a superstar ?
Not only he’s been successfully encouraging crypto industry in every possible way, this August he also participated in the launch of MiamiCoin – a token that allows residents to support their city while earning BTC.
It uses CityCoins protocol built on Stacks, layer-2 on Bitcoin allowing a scalable implementation of complex smart contracts. As the coins are minted, a portion is deposited into a local government’s wallet, while users can stake the rest and earn yield in BTC.
So far Miami has generated $21M with MiamiCoin, and its success has given ideas to the New York City, where Mayor Eric Adams, another crypto enthusiast, approved the creation of a NYCCoin.
Yesterday Mayor Suarez announced that the city will stake a large portion of MiamiCoins to earn dividends in Bitcoin, which then will be distributed among its residents.
What can demonstrate the magic of crypto and stimulate crypto adoption better than free bitcoins? Mayor Suarez got it all right ?
