Why doesn’t the community governance accelerate the deployment of stablecoins to the IC network? Public blockchains around the world are evolving more and more like the World Bank. If stablecoins backed by major institutions come to the IC network, it will attract a large number of potential users in the savings and wallet markets, and will also accelerate the popularization and application of the ii identity. With the completion of our Rosetta API interface in the near future, I think Dfinity should pay attention to this direction as soon as possible. I hope someone will lead to make some proposals about this, and I will actively vote in the NNS . Thanks
I totally agree with you. The dfinity foundation should allocate some resources to lead this kind of native stable things such as USDC, USDT, etc. Please do not just call we will be top 3 and never do the things the may help #ICP lead to that position.
I believe the issue stems from Dfinity’s reluctance to finance integration.
As far as I am aware, Circle demands a fee for native integration.
Furthermore, it’s unclear why there’s a strong preference for relying solely on the upcoming ckUSDC and ckUSDT. This approach seems questionable, especially when native integration is also viable.
I don’t like ckUSDC and ckUSDT, if there is a stable coin in the ICP system, I will never use them, why I will not use ckUSDC and ckUSDT? since the fee of converting USDC (especially from ETH) is very expensive, that actually is an obstacle for using it. If there is a natively one, I will only keep the native one in the #ICP ecosystem which is very important for all the ICP ecosystem. As a big #ICP ecosystem, you have to have your own native USDC or USDT or maybe other USDx, You HAVE TO HAVE USDT AND USDC. If no, I believe #ICP ecosystem is more like a joke.
We have to have ckETH and ckBTC, that’s good, but I don’t think we need ckUSDC and ckUSDT (that’s bad for the #ecosystem, prove that you can’t afford to introduce real USDT and USDC). We need native USDT and USDC rather than ckUSDT and ckUSDC. Please think more deeper about it, you will understand why.
An ecosystem that even do not have a native USDx, do you believe it? come on, you are not BTC and the transition fee is too high that almost cannot use it(since it is too slow to send).
It is weird that the dfinity foundation do not allocate resource to lead this native USDx thing. There are many public chains are competing with each other, no the time that only have #ETH and the USDx would take the initiative to get closer to #ETH.
One does not build a world computer without natively integrating established stablecoins like USDT and USDC. Strictly depending on other chains to provide it, is not a good idea.
I too agree integration with native USDC and USDT merits attention and consideration. Sure ckUSDC and ckUSDT will serve the same purpose, but the native coins would just simply be better out of the gate by the metrics of gaining adoption faster and with less transitionary friction.
Based on the roadmap proposed by Gold DAO USDG will eventually come to fruition , however you need to keep in mind this will be an experimental and brand new product, it needs significant liquidity locked up in collateralized debt vehicles by owners of GLDT to work, it could take years for people to warm up to it. And on their roadmap there isn’t a clear timeline when they plan to introduce this. Creating the GLDT token itself is already a big undertaking and may take some time before USDG even begins to be worked on…
When it comes to stablecoins, people will prefer to use the ones they know and trust already.
It may very well be a huge boon to gaining rapid adoption on the IC network if people have the option to use native USDC and USDT, which millions of people know and trust already. I think these ideas merit discussion and potential NNS proposals in due time
We never know this will succeed or not, as per the experience, most projects will fail, you must know this, and even this could succeed, it will take years at least.
ckUSDT and ckUSDC seem more prove that #ICP doesn’t have the ability to attract the native USDx to the #ICP ecosystem. When I use #ETH version USDT and USDC, I want to use in the #ETH ecosystem, not for the #ICP ecosystem! When I use #near version USDC, I want to use it in the #near ecosystem. When I use #tron version USDT, I want to use it in the #tron version ecosystem.
Can you believe that your target is on top 3, and you use the ckUSDT and ckUSDC from a top 10-50 ecosystem? I believe this will be more like a joke.
But what you’re asking for is for a native stable coin on the Internet computer, which is what GOLD DAO is offering. Sure their success is somewhat speculative but they have first mover advantage on this need for a native stable coin. I’m not saying that ckUSDT or ckUSDC is all that good of an idea either, I would prefer to just use the actual token itself as well instead of a chain key pair to a stable coin. Seems kinda silly to me. Again though, if what you’re asking for is a stable coin native to ICP then you already have an answer to that which is GOLD DAO.
I honestly don’t see anything wrong with that. For ICP to grow and become a strong project in the greater crypto sector, time > everything. Sure, we can use ckUSDC or ckUSDT now, or even bring the tokens themself over (which if I understand ICP, EVM, and chain key technology this is possible) but in the same sense that these tokens were built on Ethereum, and surely took time to become what they are today, ICP seeking to be in a similar position would need it’s own stable coin and allow time for it to develop. Gives me more time to stack ICP and when people see that also within the ICP ecosystem is a non inflationary stablecoin, it just adds to the value when ICP’s potential is fully realized.
When is that happening? We need a stable coin like yesterday. We cannot wait one more year to get stablecoins. Plus I am not too confident about using gold as a collateral to generate stablecoins since gold is liquid. If Dfinity needs to bribe circle then so be it.
You don’t get the point, many ppl don’t hold ckUSDT, ckUSDC, I will not hold it. I will only use it in the corresponding ecosystem. Using ckUSDx mean #ICP even do not have the ability to have the native one and will less attractive for ppl to join in the #ICP ecosystem.
I understand, my previous comment is about related info from last Global R&D meeting, but I feel there is other misunderstanding.
Basically the ETH integration will allow native USDT and USDC (with all advantages and disadvantages) - that is what the ICP ck* canister receives and holds (native BTC for ckBTC, native ETH for ckETH…), but the implementation is IMO up to DApps like DEXes etc (possibly https://twitter.com/HelixMarkets and https://twitter.com/sonic_ooo, among others, are planning such approach).
That means, once we have ckUSDT and ckUSDC (which are specific implementations of the ETH integration developed by DFINITY), DApps/projects/DAOs can (except developing own solutions) use similar/same procedures to handle native versions of the aforementioned tokens rather than wrapped ones… (but it might be slow, with gas etc, the main advantage of wrapped/ck* ones is being ICP native ICRC tokens)
The CK stablecoins provide a reasonable option for now, but high transaction fees to move them in and out of the Internet Computer ecosystem pose a significant drawback. Stablecoins from Base, Optimism, or Arbitrum that have very low transfer costs would be more ideal. Perhaps a bridge to an Ethereum Layer 2 chain could enable cheaper and faster transfers of stable assets to and from the Internet Computer.
I’m intrigued by the idea of leveraging Layer 2 networks or chains optimized for low transaction costs to improve stablecoin integration and usability on the Internet Computer. Reducing fees and friction for moving assets on and off the ICP network could open up more use cases and applications. What technical solutions or partnerships do you think would be most viable? I’m interested to hear additional thoughts on enabling seamless stablecoin adoption.
Thank you for the comment and suggestions @Forreal, I’ll add below more screenshots of the integration plans (published by @dominicwilliams on X/Twitter).
I personally believe that during 2024 the situation with stablecoins on ICP will clarify a lot and in a few months time we’ll be able to do much better estimation what/if more is needed.
