[WFC] DOT #1761 - pUSD as Polkadot Hub's NATIVE Stablecoin
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Description

https://polkadot.subsquare.io/referenda/1761

Polkadot pUSD Stablecoin

  • pUSD is a new stablecoin for the Polkadot network.
  • It is backed only by DOT tokens.
  • You can lock up your DOT to borrow pUSD.
  • This lets you spend without selling your DOT.
  • The Polkadot Treasury may use pUSD for payments.
  • pUSD holders can earn interest by saving their coins.
  • A special group will manage the rules to keep it safe.
Appendants
1
#1
17d ago

8 available members.
🟢 1 • 🔴 0 • ⚪️ 4
4 abstains, more than the simple majority abstain threshold of 2.5 votes.
**Vote #1: ⚪ ABSTAIN
8 available members.
No CoI reported. DV delegation exercised.
https://polkadot.subscan.io/extrinsic/28007648-2
https://polkadot.subsquare.io/referenda/1761#16

Cast your votesingle
Results
Voters
7
one-person-one-vote
Information
Members
9
Timestamp
Created
Sep 25 2025 16:55
Start date
Sep 25 2025 00:00
End date
Nov 24 2025 00:00

Votes·7

12s6...nE8h
12s6...nE8h
12s6UMSSfE2bNxtYrJc6eeuZ7UxQnRpUzaAh1gPQrGNFnE8h
Aye
Aye

Supporting pUSD as a DOT-backed stablecoin could provide practical utility for the Asset Hub and help bolster its adoption. It can benefit from lessons learned from past mistakes made by Acala with their stablecoin. This can be a reasonable step forward for ecosystem payments. Btw. We agree with Jay that USDOT sounds better than pUSD.

14Gn...YLEh
14Gn...YLEh
14Gn7SEmCgMX7Ukuppnw5TRjA7pao2HFpuJo39frB42tYLEh
Abstain
Abstain

I firmly believe that a stablecoin specific to the Polkadot ecosystem can be very advantageous. However, personally, I do not feel confident that the Acala team is behind this development. I believe that what happened with their stablecoin was a disaster that left a deep mark on the Polkadot ecosystem in general.
This situation makes me abstain.

1ZSP...vx6w
1ZSP...vx6w
1ZSPR3zNg5Po3obkhXTPR95DepNBzBZ3CyomHXGHK9Uvx6w
Abstain
Abstain

I'm supportive of having a first party native stablecoin, for a number of reasons including sovereignty, economic power, support/revenue for the ecosystem, etc. And I believe this implementation is probably the only ready-to-go one for Substrate. I believe the acala hack had to do with management of the protocol rather than the implementation itself; interested to understand how we will guarantee that management of the protocol will be robust given past issues. What kind of risk management will be put in place and who are the responsible parties.

15fT...yBzL
15fT...yBzL
15fTH34bbKGMUjF1bLmTqxPYgpg481imThwhWcQfCyktyBzL
Abstain
Abstain

I support Polkadot having a native stable coin for various use cases explained in detail by Gavin Wood in multiple occasions, but the execution being led by Acala is not going to be a good PR move. There are many investors still complaining about the Acala aUSD depeg issue, and as noted by other members of the community, we haven't received a satisfactory post-mortem on what had happened. I abstain.

14gM...deVb
14gM...deVb
14gMJV95zwxUsFEZDSC8mtBVifS6SypKJkfBKANkMsLZdeVb
Abstain
Abstain

Different from other opinions, I have worries for polkadot native stable coin. IMO polkadot should focus on being a platform to support various business. But I won't be a barrier to it.

12Hi...E9N3
12Hi...E9N3
12His7t3EJ38tjdBbivUzWQeaNCLKfMqtKp1Ed3xHMyCE9N3
Abstain
Abstain

I share my fellow members' concerns about the involvement of Acala team, even if its purely for optics. I'm closer to AYE than Abstain if I'm being honest, although I agree with multiple voters who has raised issues against the name, pUSD is pretty awful. USDot is a better option but maybe we can put a few alternatives to vote as well?

167Y...TY9F
167Y...TY9F
167YoKNriVtP4Nxk9F9GRV7HTKu5VnxaRq1pKMANAnmmTY9F
Aye
Aye

I support a polkadot native stable, not a 3rd party with it.

Discussions·0

No current comments
Information
Members
9
Timestamp
Created
Sep 25 2025 16:55
Start date
Sep 25 2025 00:00
End date
Nov 24 2025 00:00
Results
Voters
7
one-person-one-vote
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