10 hours ago
Crypto prediction marketplace Polymarket is considering launching its ain stablecoin to summation power implicit the interest-bearing reserves presently backing USDC deposits connected its platform, CoinDesk reported, citing sources acquainted with the matter.
The deliberations bespeak a broader manufacture inclination arsenic platforms question to internalize stablecoin-related revenue, peculiarly successful closed ecosystems.
The root told the quality outlet that Polymarket is evaluating 2 paths: introducing a proprietary stablecoin for interior usage oregon entering into a revenue-sharing statement with Circle, the issuer of USDC.
Polymarket has not yet made a last decision, a institution typical confirmed to CoinDesk.
Since Polymarket operates a closed-loop system, wherever users commercialized prediction markets utilizing stablecoins without outer outgo flows, creating a autochthonal dollar-pegged token would necessitate minimal infrastructure changes.
Users could easy person existing USDC oregon USDT into the caller token, keeping the liquidity and reserve output wrong the platform.
The U.S. regulatory situation for stablecoins improved past week with the transition of national authorities providing a ineligible model for issuers. The improvement has made stablecoin issuance a much viable and appealing strategy for some crypto-native firms and accepted concern players.
Circle has reportedly been offering revenue-sharing agreements to partners specified arsenic exchanges and outgo providers to support competitory positioning. Spokespeople for Circle did not respond to a petition for comment.
Polymarket, precocious valued astatine implicit $1 billion, has seen a surge successful activity, including $8 cardinal successful measurement during the past U.S. predetermination rhythm and implicit 15 cardinal website visits successful May, according to SimilarWeb data.
The institution is besides preparing to grow its U.S. beingness done the acquisition of QCEX, pursuing the solution of ineligible issues tied to erstwhile U.S. idiosyncratic activity.
By perchance launching its ain stablecoin, Polymarket would articulation a increasing database of platforms seeking to bring worth seizure person to the exertion layer, a displacement that could redefine the economics of blockchain-based fiscal services.
The station Polymarket mulls ain stablecoin for businesslike usage of USDC reserves appeared archetypal connected CryptoSlate.
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