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Polymarket Unveils Stablecoin As Part Of Developer Upgrade
Polymarket has announced that it will be looking to launch its own stablecoin, announces other key developer-friendly updates.
Polymarket is choosing to enter the stablecoin space and launch PolymarketUSD (David Sokolowski / Unsplash)
Polymarket launches its own stablecoin.
The leading prediction market platform has unveiled it will be rolling out a stablecoin called Polymarket USD, set to come into effect as part of the broader upgrade to the CTF Exchange V2 contract. This will be a branded collateral token and there will be a migration effort from existing native USDC balances.
Polymarket launching its own branded stablecoin is likely doing so to capture even more of the financial incentives than in its current agreement with Circle and running stablecoins on the Polygon network. Polymarket USD will be a white-label variant, still backed by USDC. Its last 30 day trading volume hit $9B according to a Dune dashboard.
Other improvements from the V1 to V2 contract are focused on the developers and security aspects, for example a number of optimisations on how orders are signed and attributed, as well as processes surrounding fee collection across the exchange.
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