Doxa: A Native Multi-Stablecoin Platform on the Internet Computer

Developers Showcase
1

Hello DFINITY community!

We’re excited to introduce Doxa, a dece ntralised, and ICP native multi-stablecoin platform right here on the Internet Computer, enabling users to mint a variety of stablecoins pegged to real-world currencies like the US Dollar, Euro, British Pound, and more.

Our flagship product is DoxaUSD (DUSD), a stablecoin pegged 1:1 to the US Dollar.

The Problem: The Need for a True Native Stablecoin on ICP

For the Internet Computer’s DeFi ecosystem to truly flourish, it needs a robust, reliable, and native medium of exchange.

A true native stablecoin provides deeper integration, removes cross-chain risks, and builds foundational monetary infrastructure that is intrinsically part of the ICP.

Our Solution: DoxaUSD, Born ICP

Doxa is designed to fill this critical gap. DoxaUSD is a native stablecoin for the Internet Computer, fully collateralized by ckUSDC in a stability pool.

By creating a native stablecoin, we provide a bedrock asset for Dapps, DEXs, and users that is more secure, fully transparent on-chain, and governed by the ICP community through an eventual SNS. This is the next logical step for maturing the on-chain economy.

How It Works

Our stability mechanism is straightforward. The stability pool maintains the $1 peg by adjusting the ckUSDC reserves. If the price of USDC fluctuates, the pool adds or removes ckUSDC supply to ensure DoxaUSD remains stable.

Users will be able to:

  • Mint: Create DoxaUSD and other stablecoins.
  • Stake & Earn: Lock DoxaUSD to earn a yield, initially sourced from a portion of transaction fees and later from ICP staking rewards via an SNS.

What Makes Doxa Unique?

Building on the Internet Computer gives us some powerful advantages:

  • Truly Native: Born on the ICP, for ICP and the world.
  • Fully On-Chain: The entire Dapp lives on the ICP..
  • Lightning-Fast Transactions: Near-instant finality means no more waiting for confirmations.
  • Cross-Chain Ready: Using ChainFusion technology, we’ll bridge our native stablecoins to other networks like Ethereum and Solana.
  • No Gas Fees for Users: We leverage the IC’s reverse gas model for a smoother user experience.
  • Ultra-Low Fees: Transactions will cost from $0.01 to 0.09.
  • Decentralized Governance: The platform will eventually be governed by an SNS DAO, putting the community in control.

Use Cases & Benefits

We envision Doxa being used for:

  • Remittances: Making cross-border payments cheap and easy.
  • E-commerce: Powering online stores with minimal transaction fees.
  • Microtransactions: Enabling small, everyday payments.
  • DeFi Trading: Acting as a reliable trading pair in the IC ecosystem.
  • Dapp Integration: Providing a stable medium of exchange for other Dapps.

The Doxa Ecosystem

Doxa is more than just a stablecoin. Our roadmap includes:

  • D-Pay: A payment rail to Extend Doxa to a bilion users.
  • D-Card: A payment card linked with traditional finance (Visa & MasterCard) to bridge the gap between DeFi and mainstream use.

A Quick Technical Overview

The Doxa protocol is built on three core canisters:

  1. Stablecoin Minter: Handles the minting of all Doxa stablecoins from various collaterals (like ICP, ckBTC, ckETH). It validates transactions, converts collateral to ckUSDC, and mints the equivalent amount of the chosen Doxa stablecoin.
  2. USDD Ledger: Manages token balances and records all transactions, built on the ICRC-2 standard.
  3. ckUSDC Pool: This canister is crucial for maintaining the peg by managing the ckUSDC reserves.

Our Commitment to Trust and Security

  • Regulation: We’re pursuing a hybrid model that balances decentralization with compliance. Our goal is to obtain ISO standards and the necessary financial licenses (e.g., FCA, FINMA) to ensure interoperability and trust.
  • Transparency: We will provide a real-time analytics dashboard for full transparency of our reserves.
  • Security: Regular code and security audits will be conducted, with the reports made public.

We are incredibly excited to bring Doxa to the Internet Computer community and believe it will be a foundational piece of the ecosystem.

2

Why is your stablecoin needed if we can just use ckUSDC, you literally rewrap ckUSDC.

Where are you getting funds to buy ICP and stake it, looks like with funds that should cover usd 1:1.

Almost impossible, unless you spend millions to make people to use it.

You been here for some time now, not saying its a scam, but it will not be adopted in anywhere.

Caution advised.

3

Thanks for the questions. Defi on ICP is in its early stages on ICP, We used ckUSDC bse its was the only assets that was available on ICP that could guarantee a stable value without us having to use hyper volatile assets that also come with their own risk. However As time evolves we have plans to change the collateral probably to USD treasury bill tokens like Blackrocks Build which don’t exist at this time on ICP.
However Doxa offers several distinct advantages over simply using ckUSDC directly:

  • Native Multi-Stablecoin Platform: Doxa is designed as a multi-stablecoin protocol, enabling users to mint not only USD-pegged tokens but also stablecoins pegged to other major currencies , all within a unified system
  • Deeper DeFi Integration: DoxaUSD is built to be a foundational asset for DeFi on the Internet Computer, with features like staking, yield generation, and eventual decentralized community governance via SNS. This provides additional utility and programmability compared to holding ckUSDC alone.
  • Enhanced Stability Mechanism: Doxa uses a stability pool that can over-collateralize and dynamically adjust ckUSDC reserves to maintain the $1 peg, even during minor USDC price fluctuations—offering extra resilience and transparency
  • Cross-Chain and Developer Focus: Through Chain Fusion, Doxa aims to facilitate seamless cross-chain transfers and integration with other blockchains and dapps, making it more versatile for developers and user.
  • User Experience and Ecosystem: Doxa plans to offer ultra-low fees, no gas for users, and future products like D-Pay and D-Card to expand real-world adoption and utility.
    Note
    Doxa isn’t just a “rewrap” of ckUSDC—it’s a programmable, community-driven stablecoin platform with enhanced stability, broader currency support, and features designed to power the next generation of DeFi and payments on ICP
4

We think you misunderstood how the protocol works?

DoxaUSD is fully collateralized 1:1 by ckUSDC in a reserve pool Not by ICP or staked ICP. For every DoxaUSD minted, an equal amount of ckUSDC is stored in a canister to ensure the peg to the US dollar. The stability pool mechanism maintains this peg by adjusting ckUSDC reserves: if USDC trades below $1, more ckUSDC is deposited to the pool; if USDC is above $1, ckUSDC is withdrawn to keep DoxaUSD stable at $1.

Yield for staking DoxaUSD comes from two sources:

Initially: 30%-50% of all transaction fees collected by the protocol fund the staking rewards.

In the future (after SNS launch): The protocol plans to use rewards generated from ICP staked in an 8-year neuron (a long-term staking mechanism on ICP) to fund staking yields.

Importantly, the funds that back DoxaUSD (the ckUSDC in the reserve pool) are not used to buy or stake ICP. The ckUSDC collateral remains locked to ensure DoxaUSD is always fully backed and stable. Only separate protocol-owned ICP, not user collateral, would be staked for future rewards once the SNS (decentralized governance) is in place buy or stake ICP; they remain in ckUSDC to ensure full collateralization and stability.

5

D-Pay can realistically reach a billion users without massive upfront investment by replicating proven financial inclusion models like M-Pesa, which scaled organically through network effects rather than expensive marketing. By targeting financially excluded populations and non-crypto natives, D-Pay addresses real pain points like high remittance costs and lack of banking access, creating demand-driven growth where users actively promote the platform. The strategy leverages cost-effective mechanisms including trusted agent networks, word-of-mouth validation, and partnerships with existing telecom and mobile money operators rather than competing directly. Modern fintech technologies: APIs, cloud computing, AI automation, and QR codes—dramatically reduce operational costs compared to traditional payment rails. D-Pay’s focus on amazing UI,UX, AI integration, and traditional finance bridges positions it to solve genuine problems for underserved communities. This approach mirrors M-Pesa’s success pattern: their first 25 million users took 14 years, but they doubled that in just 5 years through organic growth and community validation, proving billion-user scale is achievable without massive marketing spend.
Bottom Line: Success comes from solving real problems for the right audience, not spending millions on user acquisition.

6

Thank you for your caution—it’s absolutely warranted in this space. However, I’d like to address your concerns with some important clarifications:

We haven’t actually been around for that long; most of our time has been spent building and developing a robust platform. Doxa is a product of the Doxa Foundation, a registered non-profit organization that operates under legal oversight and regulatory compliance. This legal structure ensures accountability and distinguishes us from many unregulated projects in the crypto space.

Importantly, Doxa is a DFINITY/Internet Computer funded grant project. This means we underwent a thorough vetting process by one of the most respected organizations in blockchain before receiving support. DFINITY simply wouldn’t fund a scam—their reputation and rigorous evaluation process are strong indicators of our legitimacy.

Why Doxa will see adoption:

  • ICP Community: We’re building essential DeFi infrastructure that the Internet Computer ecosystem needs
  • Crypto Community: Our Chain Fusion integration enables seamless cross-chain fund movement
  • Digitally Excluded: We’re bringing financial access to underserved populations who desperately need it
  • Developers & Fintechs: We provide a reliable payment rail for dapps and fintech applications

We encourage everyone to visit doxa.fi or app.doxa.fi, examine our platform, review our documentation, and engage with our team. Our commitment to transparency, legal compliance, and solving real-world problems is what will drive adoption. Your caution is wise, and we’re here to earn your trust through action and results.

7

It doesn’t make any sense whatsoever to use another stablecoin, which is a centralized stablecoin, as the collateral asset to mint another stablecoin. If you want to create a truly decentralized stablecoin, I suggest you all go back to the drawing board and reconsider this a little bit more.

1 Like
8

@forreal You are right, using a centralized stablecoin as collateral is not our ultimate vision for decentralisation, but it temparily provides a highly practical, stable, and user-friendly foundation for building a scalable stablecoin platform. It enables rapid adoption, robust liquidity, and a usable alternative as we pursue the original vision of decentralisation in the long run. The collateral will be changed to a better alternative in the long run as defi matures in our ecosystem.