I have been encouraged to propose partnering with the ICHI DAO to create $oneIOTX: A stablecoin to accelerate the growth of the $IOTX economy.
$oneIOTX will increase the value of the $IOTX token and provide greater economic freedom to all the contributors to the IoTex. It will leverage the value of the $IOTX token without selling it. It is self-defeating to sell $IOTX tokens for other stablecoins/fiat. $oneIOTX solves this problem by keeping stored value within the IoTeX economy when paying dollar-denominated expenses.
$oneIOTX will enable predictable budgeting and funding. There is no reason to be worried about market cycles.
More value will be retained within the IoTeX economy. Instead of selling $IOTX tokens for assets issued by other communities, entities, or governments, IoTeX can use its own asset to conduct business or create dollar-denominated exposure/loans in decentralized finance.
Filecoin, 1INCH, Gitcoin, and other top projects are relying on ICHI to build their own stablecoin. The IoTeX DAO should partner with ICHI to make $oneIOTX, a stablecoin minted with a mix of $USDC and $IOTX.
Capital Efficient: $oneIOTX will be minted and redeemed for exactly $1, unlike other decentralized stablecoins that rely on debt or algorithms.
Regulated off-ramp: $oneIOTX is 1-for-1 redeemable for USDC, which is redeemable for a USD.
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