Polkadot activates dotUSD stablecoin on mainnet via OpenGov
CIE News ·
Polkadot has activated the decentralized stablecoin dotUSD via OpenGov Referendum 1944, supported by a Peg Stability Module and $5 million in initial liquidity.
Polkadot activated the decentralized stablecoin dotUSD on mainnet through OpenGov Referendum 1944. Supported by an on-chain Peg Stability Module, the system minted an initial 2.77 million dotUSD by pairing $2.5 million from the Polkadot treasury's USDT reserves with $2.5 million of DOT to seed a DOT/dotUSD liquidity pool on the Polkadot Asset Hub. Users can mint dotUSD at a 1:1 ratio by depositing USDT into the reserve contract or redeem it by burning tokens. According to The Defiant, the stablecoin currently has around 2.77 million tokens in total supply, with DOT-backed borrowing planned for a later phase.