BOLD is a fully redeemable USD-pegged stablecoin issued by the Liquity Protocol. Liquity is a decentralized borrowing protocol that allows you to set your own rate and draw loans against ETHm, wstETH and rETH used as collateral. Loans are paid out in BOLD and need to maintain a minimum collateral ratio of only 110%. In addition to the collateral, the loans are secured by a Stability Pool containing BOLD and by fellow borrowers collectively acting as guarantors of last resort. Liquity as a protocol is non-custodial, immutable, and governance-free.