As for an application scenarios for the stable coin, consider the M3tering Protocol and Solaxy
Creating a native stablecoin asset like ioUSD directly addresses the concerns I have surrounding the use of bridged DAI within my projects; M3tering protocol and Solaxy token. Utilizing a native stablecoin for energy payments on the m3tering protocol would eliminate the risk of DAI becoming unusable due to bridge failures, safeguarding the integrity of energy payments and preventing disruptions to the m3tering protocol’s operations.
Similarly, replacing bridged DAI with a native stablecoin as the reserve collateral for our DePIN token; Solaxy, would significantly reduce the risk of Solaxy’s failure in the event of a bridge compromise. While a native stablecoin depegging risk exists, its impact is milder compared to a DAI bridge failure scenario. In a depegging event, Solaxy’s value would not immediately plummet to zero; instead, it would likely experience a proportional decline, and possibily recover once the stablecoin’s peg is restored.
I’m enjoying this discussion. IoTeX could benefit from introducing its own stablecoin. The value of the stablecoin is provided by the users’ trust that the issuer (IoTeX) does provide adequate reserves and follows the pegging principles stated when issuing the stablecoin. But there is a danger of abuse. Problems arise if the issuer does not maintain sufficient reserves or does not provide sufficient transparency in its operations. Therefore, before deciding on the feasibility of developing a Native IoTeX Stablecoin, it is necessary to draw up a detailed document detailing all the mechanisms of securing, minting and burning the planned stablecoin.
I also just now realized that we have the Mai Stablecoin natively deployed on IoTeX by Qi Dao
How come this is not well known and adopted. Was the project ever discontinued?
And wouldn’t it be much easier just to use just revive activity and liquidity on Mai for DePIN apps that need native stablecoin security?
Would try reaching out to QiDao to see what could be done about this.
It looks like MAI isn’t too likely to continue, or resurrect rather, activities on IoTeX. They don’t even have IoTeX as an integrated chain on defi llama.
