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2h ago

Polkadot Vote on DOT‑Backed pUSD Stablecoin Falls Short of Supermajority So Far

Skepticism tied to Acala’s aUSD collapse leaves the outcome uncertain.

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Overview

  • An on-chain referendum on RFC‑155 proposes launching pUSD, a native stablecoin fully collateralized by DOT and deployed on Polkadot’s Asset Hub using the Honzon protocol.
  • Support stands near 74.6% versus a roughly 79.7%–80.4% approval threshold, with more than $5.6 million worth of DOT committed and several weeks of voting remaining.
  • Backers say pUSD would cut reliance on USDT and USDC, which hold most of Polkadot’s stablecoin liquidity at about $74 million according to DefiLlama.
  • Opponents cite Acala’s 2022 aUSD exploit and call for excluding Acala personnel from any role and for explicit oversight by the Polkadot Technical Fellowship.
  • Founder Gavin Wood has championed a native, fully DOT‑collateralized stablecoin and has floated paying validators in such a token to stabilize rewards.