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2h ago

Polkadot Weighs DOT-Backed pUSD Stablecoin as Vote Lags Supermajority

Use of Acala’s Honzon design fuels pushback over the 2022 aUSD failure, prompting calls for tighter governance.

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Overview

  • On-chain tallies show about 74.6% support with more than 1.4 million DOT (roughly $5.6 million) committed, short of the roughly 79.7%–80.4% approval threshold.
  • RFC-155, introduced by Acala co-founder Bryan Chen, proposes launching pUSD on Polkadot’s Asset Hub using the Honzon collateralized debt mechanism with liquidation safeguards and an optional savings module.
  • The stated aim is to reduce reliance on USDT and USDC, which hold a reported combined $74.05 million share of Polkadot liquidity, with USDC accounting for about 56.8%.
  • Community critics cite Acala’s aUSD collapse and seek conditions such as excluding Acala from implementation and placing risk controls under the Technical Fellowship.
  • Founder Gavin Wood has advocated for a native DOT-backed stablecoin and outlined a broader plan that includes paying validators in a stablecoin and exploring “stable‑ish” assets to steady rewards.