Polymarket’s Bold Move: A New Stablecoin on the Horizon?
Exploring New Financial Paths
According to a recent report by CoinDesk, dated July 22, Polymarket, the well-known prediction-market platform, is contemplating taking a leap into the world of stablecoins. The company is currently sizing up the potential of launching its very own stablecoin.
Why Consider a Proprietary Stablecoin?
At present, Polymarket uses Circle’s USDC to settle bets on its blockchain-based platform. However, they’re considering whether creating their very own dollar-pegged token is likely to be a game-changer. The goal? To tap into the yield generated by the reserve assets backing such a coin, potentially opening up latest revenue streams.
Evaluating Alternatives
But that is not the one option on the table. Polymarket can also be contemplating sticking with USDC while possibly striking a revenue-sharing take care of Circle. This arrangement would hinge on the quantity of USDC held of their customers’ wallets. It’s an intriguing idea that might offer a win-win for each side.
Where Things Stand
As of now, these discussions are still within the early stages. There’s no timeline in place, and Polymarket hasn’t settled on a final decision. It’s a strategic crossroads, and the subsequent steps could significantly impact the platform’s financial landscape.
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