I have no insights on that, but given the valid statement of @timo it should definitely be the goal to get a native integration for centrally issued coins like USDC or USDT.
another interesting concept could be an introduction of a stablecoin basket which has been introduced by a project I am following closely. you can read more about that concept in their whitepaper: https://dollar.metalx.com/MetalDollarXMD_Whitepaper.pdf
but for that it would be great to have a native integration with those stablecoin issuers first.
USDC/USDT have significant adoption, making it crucial for them to be natively issued on-chain. ICP already offers a great stablecoin, XTC (cycles), and I am optimistic that it will see increased use in DeFi in the future.
What I like about XTC is that it also serves as a hedge, if the dollar depreciates against the euro or any of the other four currencies in the basket.
Not to mention how great it is that the only way to mint XTC is by burning ICP, thereby lowering supply. The whole community/DEXs should step up and try to promote it as an alternative stablecoin for DEX swaps.
Thanks to $BOB and $BURN, most of the discounted cycles are gone, and we should start creating DEX pools with XTC pairs.
Returning to the topic, someone from Dfinity should initiate discussions with Circle.
I have yet to see a blockchain thrive in DEX usage without native USDC/USDT; all those with substantial swap activity have it.
Nobody should be using any stablecoins like USDT or USDC. The only stablecoins anyone should be using or caring about are stablecoins controlled by DAO’s. GoldDAO’s USDG will be a native stablecoin on ICP, controlled by a DAO. Native USDT & USDC are shit coins controlled by corporate giants. Give control of stable coins back to the people - only use DAO controlled stables.
In a perfect world, but the data clearly show that only blockchains with native USDC/USDT integrations have noteworthy DeFi; the rest are quite lacking.
Still no stablecoin? ckUSDC and ckUSDT cannot replace the ease of use of stablecoins like USDC
The data speaks for itself and having less than 1M in volume in icDEFI is a shame for such a blockchain. Just for comparison ETH does 1.6B(1600x) in volume a day
It is sometimes so frustrating when smart people think they know all the solutions when there are very obvious wins left on the table. In the 20-80 rule, this belongs to the 20 and ignoring it assuming that market participants work at NASA is not a smart move
Dominic Williams tweeted about ckUSDC and ckUSDT like they would solve the stablecoin issue but clearly only native integration will do that. It is rather frustrating that only Dfinity can make native integration a reality but they don’t seem to understand its importance. Imagine building chain fusion on the one hand, and having great defi dApps on the other, but no stablecoin to integrate the system. It’s like Dfinity built a great rail network and devs built locomotives. All that is remaining is stations and terminuses, which need to be commissioned, and only Dfinity can do that but refuses to do so.
It takes more than just DFINITY for native USDC or USDT. Circle or Tether need to play along too. I don’t know how much I can/should say publicly, but the wish for native USDC or USDT exists inside DFINITY
I though Circle and Tether were basically pay to play outfits. Why would they turn down millions of USD if Dfinity offered it? But it’s good to know there is a faction within Dfinity that supports the idea of natively integrated stablecoins which is overwhelmingly supported by the community at large, demonstrated by the poll that started this thread.
It’s great to see the discussion continue on the topic of native stablecoins, we’ve been working on it! CLP, a liquidity protocol on the ICP chain and a native stablecoin of the CDP model.
Our view is that each public chain needs a native stablecoin.
Although USDT has been cross-chained to a large number of public chain ecosystems, as a closed-loop operating system, each public chain ecosystem should have its own pure native stablecoin, which is a basic method to shield the spread of systemic risks.