One of the leading protocols on Fuse is GoodDollar and it has been growing rapidly. Many users first crypto experience is now with GoodDollar and therefor their first blockchain experience is Fuse.
On dashboard.GoodDollar.org you can see the countries which do the most transactions in G$ and which countries have the most signups and claims.
I propose we offer more service to these rapidly growing community’s in hopes of sparking an even larger input of local currencies into the Fuse ecosystem. For example a stablecoin of the Nigerian Naira, Bagledeshi Taka, and Indonesian Rupiah would allow the fastest growing communities access to their local currencies on chain. Something that no other chain is bothering to do because they don’t have enough customers in these countries. Fuse does have customers in these countries and these customers are ready to leap frog innovation and go from mostly cash payments to mobile crypto payments.
Fuse should be first.
Interesting idea ser. But what does it take to launch a stable coin on a blockchain. I assume there must be something backing it with a fair amount of reserves for when it is bought and sold. Can you do us the favor of doing some of the research that would be needed to make something like this happen. Any idea on where this backing would come from?
I do agree with you 100% that there is a growing market with the regions that GoodDollar has tapped into, and that as a network Fuse should be exploring this idea further.
There are a couple routes Fuse could take should they choose to implement such a plan. But the easiest would be a centralized company.
A company willing to do what Circle is doing for the US dollar with USDC stablecoin but for another country and thier currency. Perhaps a company in those respective countries. Backing would be fiat money held in banks. Same risk profile as USDT and USDC type of systems.
My proposal is simply for Fuse to actively pursue such partnerships and connections.
There’s great potential for fuse to manage this in a decentralized way, but to do so fuse would need to have oracles for the prices of these various currencies. I think a logical next step would be to push for oracle networks to support these targeted currencies
i believe that is already in the works…
Thought about this over the last few days, and with current global financial issues going on, now may not be the time to venture into a new stable coin from a different market.
Fiat currencies are not ‘stable’ right now. Example GBP. One of the oldest fiat currencies around, is drastically loosing to the US dollar (sorry @RB_1010 ).
This is not to say that we/Fuse should be looking to pay some special attention to these upcoming markets from around the world.
It’s actually better when cashing out crypto for the £ to be weak against the $
Other national stable coins are a good idea.
Problem is that there’s loads of legislation happening atm, so may need the dust to settle before they become viable. Big risk in starting something now and finding out it’s “illegal” in the future.