A new strategy approved with 97% support in Polkadot calls for the network to focus on products for everyday users and develop dotUSD, a stablecoin backed by DOT.
According to Wu Blockchain, the strategy proposed by the Polkadot Community Foundation was approved in an on-chain referendum on November 11. dotUSD will be the first product of dotStables, the initiative at the center of the plan. The token is intended to be pegged to the U.S. dollar and backed by DOT.
How could stablecoin use affect DOT?
The plan aims to generate demand for the DOT used as collateral if dotUSD adoption grows. The referendum approved the product strategy; the report did not specify when dotUSD would become available.
The strategy also calls for developing a mobile app that offers private messaging and digital cash payments. Polkadot plans to measure progress by how much the products are used and direct its marketing budget accordingly.
Not investment advice.