Unlike fiat currency-pegged stablecoins, Yuga Coin intends to be solely pegged to government debt such as bonds and Treasury notes.
Goldman Sachs, Banco Santander SA and Societe Generale AG served as joint managers.
About 87% of bitcoin's performance was delivered while the U.S. 10-year bond yield has been rising, one observer said.
The volcanos, situated in Cameroon, Chile, Colombia, Ecuador, Guatemala, Indonesia and Mexico, were selected based on "the significant humanitarian threat they represent."
The Federal Reserve has strengthened bitcoin's appeal as an inflation hedge, opening doors for a continued price rally.
Brad Hintz, a former star Sanford Bernstein analyst, Morgan Stanley treasurer and Lehman Brothers CFO, explains the risks in the fine print.
Federal Reserve chairman Jerome Powell is expected to address rising bond yields later on Thursday.
The largest cryptocurrency has failed to hold above $50,000 amid a downdraft in traditional markets.
"The economic recovery remains uneven and far from complete, and the path ahead is highly uncertain," the Fed chairman said.
After a lot of drama, bitcoin’s back to trading where it was a few days ago.
Bitcoin and ether continue to rise, but that could create problems for overheated derivatives markets.
Rising bond yields are a threat to prices of hedge assets, but bitcoin is soaring as gold falls.
The proof-of-concept issuance of tokenized bonds was carried out on a blockchain platform built by Standard Chartered's fintech investment unit.
The "Big Four" Chinese bank has suspended the listing of a $3 billion bond issuance that was intended to be tradable for bitcoin and U.S. dollars.
With negative-yielding bonds at a new high, investors are looking elsewhere for returns.