Nordic DeFi founders ready to challenge Tether with security-audited Moria Protocol and Stablecoin MUSD

Moria Protocol, a decentralized borrowing platform featuring the stablecoin MUSD, is now ready to scale after completing a comprehensive security audit by Hashlock, a recognized leader in Web3 security and smart contract auditing.

July 3, 2025
Nordic DeFi founders ready to challenge Tether with security-audited Moria Protocol and Stablecoin MUSD

The founders behind Moria Protocol are the Icelander Dagur Valberg Johansson (right) and Norwegian Halvor Bakke-Veiby (left). Both are also co-founders in Riften Labs.

After Moria’s pre-release last year, Cryptopolitan described Moria and the stablecoin MUSD as a potential “USDT-killer” — providing transparency, verifiability, and censorship resistance where centralized stablecoins fall short.

Security Audit

A recent audit from Hashlock confirmed this potential. Through comprehensive manual review and supporting automated analysis, the code was found to be secure, logically ordered, and constructed with clear intent. Moria’s architecture minimizes centralization, reduces attack surface, and reflects strong adherence to best practices in secure protocol design

Open Source DeFi Platform

Moria is a decentralized finance (DeFi) protocol built on Bitcoin Cash, allowing users to mint a stablecoin (MUSD) by locking BCH as collateral. It aims to provide a transparent and overcollateralized alternative to centralized stablecoins, using smart contracts and price oracles to maintain stability and decentralization.

In its V1 upgrade, launched in May, borrowers can set their rates, creating a market-driven, capital-efficient model where loans can be redeemed by third parties to maintain peg stability, and undercollateralized positions are liquidated below a 120% threshold. With incentives aligned to sustain its floating peg and tradeable loan NFTs, Moria empowers BCH holders to access liquidity without selling their assets, earn yield through liquidity provision, and participate in a transparent and customizable borrowing ecosystem.

Nordic founders

Moria Protocol was invented by Dagur Valberg Johansson, a 10-year bitcoin development veteran from Iceland. The protocol is backed by Johansson and Norwegian Halvor Bakke-Veiby, who are also co-founders of Riften Labs — the team responsible for launching the Cauldron DEX.

“The age of trust-me-bro stablecoins is over” — Dagur Valberg Johansson

“Trust-me-bro stablecoins constitute one of the biggest attack vectors for crypto as a whole. If liquidity is not migrated to secure, transparent, and on-chain collateralized stables, it couldprompt a future black swan event for the entire crypto industry. We built MUSD to make sure that never happens”.
— Halvor Bakke-Veiby

Nordic DeFi founders ready to challenge Tether with security-audited Moria Protocol and Stablecoin MUSD

Moria Protocol, a decentralized borrowing platform featuring the stablecoin MUSD, is now ready to scale after completing a comprehensive security audit by Hashlock, a recognized leader in Web3 security and smart contract auditing.

July 3, 2025

The founders behind Moria Protocol are the Icelander Dagur Valberg Johansson (right) and Norwegian Halvor Bakke-Veiby (left). Both are also co-founders in Riften Labs.

After Moria’s pre-release last year, Cryptopolitan described Moria and the stablecoin MUSD as a potential “USDT-killer” — providing transparency, verifiability, and censorship resistance where centralized stablecoins fall short.

Security Audit

A recent audit from Hashlock confirmed this potential. Through comprehensive manual review and supporting automated analysis, the code was found to be secure, logically ordered, and constructed with clear intent. Moria’s architecture minimizes centralization, reduces attack surface, and reflects strong adherence to best practices in secure protocol design

Open Source DeFi Platform

Moria is a decentralized finance (DeFi) protocol built on Bitcoin Cash, allowing users to mint a stablecoin (MUSD) by locking BCH as collateral. It aims to provide a transparent and overcollateralized alternative to centralized stablecoins, using smart contracts and price oracles to maintain stability and decentralization.

In its V1 upgrade, launched in May, borrowers can set their rates, creating a market-driven, capital-efficient model where loans can be redeemed by third parties to maintain peg stability, and undercollateralized positions are liquidated below a 120% threshold. With incentives aligned to sustain its floating peg and tradeable loan NFTs, Moria empowers BCH holders to access liquidity without selling their assets, earn yield through liquidity provision, and participate in a transparent and customizable borrowing ecosystem.

Nordic founders

Moria Protocol was invented by Dagur Valberg Johansson, a 10-year bitcoin development veteran from Iceland. The protocol is backed by Johansson and Norwegian Halvor Bakke-Veiby, who are also co-founders of Riften Labs — the team responsible for launching the Cauldron DEX.

“The age of trust-me-bro stablecoins is over” — Dagur Valberg Johansson

“Trust-me-bro stablecoins constitute one of the biggest attack vectors for crypto as a whole. If liquidity is not migrated to secure, transparent, and on-chain collateralized stables, it couldprompt a future black swan event for the entire crypto industry. We built MUSD to make sure that never happens”.
— Halvor Bakke-Veiby

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