Polymarket Minting Stablecoins? The USDC Yield War Has Begun, and the Financial Sovereignty Revolution in the Crypto Space Is Coming!
[Explosive News] According to insiders, the decentralized prediction market Polymarket is secretly planning to issue its own stablecoin, targeting the hundreds of millions of USD in USDC reserve earnings within the platform. If this move comes to fruition, it will be the first major application layer protocol in the DeFi space to challenge Circle's USDC hegemony, marking the financial sovereignty battle in the crypto space entering a feverish stage! As a senior analyst, Zhuque, I will peel back the surface of this event and reveal the bloody truth behind this game.
1. Polymarket's "Rebellion": From Payment Channels to Profit Harvesters
Currently, all transactions on Polymarket are settled in USDC, with the platform's daily capital exceeding 200 million USD. Ironically, the interest earnings from these funds all go to Circle, the issuer of USDC. Sources say that Polymarket plans to issue its own stablecoin, PMST, pegged to the dollar, to capture this "easy profit" interest income. More aggressively, the new stablecoin may adopt a partially algorithmic stabilization mechanism, maintaining its peg through token issuance in extreme cases, directly challenging USDC's full reserve model.
2. Crypto Earthquake: Three Major Ecosystems Will Face Fatal Impact
(1) USDC Hegemony Eases
Circle collects an annualized "seigniorage tax" of over 500 million USD through USDC in the DeFi space. If Polymarket successfully diverts even 10% of the funds, it will directly impact Circle's profit foundation. Even more alarming, this move may trigger a collective imitation in the prediction market sector.
(2) Ethereum Gas Fee War Escalation
If PMST uses ETH as collateral, it will intensify the Gas competition on Layer 1. Currently, the daily stablecoin transfer volume on Ethereum accounts for 63% of the total network transaction volume, and the new demand for stablecoins may push Gas fees back to the 200 gwei era.
3. Profit Opportunities: Three Wealth Codes Have Emerged
(1) PMST Airdrop Hunting War
The Polymarket community is brewing a "Liquidity Mining Incentive Program"; users who participate early in the PMST/USDC trading pair may receive substantial airdrops. Key attention should be paid to DEXs like Velodrome and Balancer that have deep partnerships with the project.
(2) The Rise of USDC Alternative Trading Pairs
If PMST successfully launches on Uniswap, the PMST/ETH trading pair may consume the liquidity of the existing USDC/ETH pool. Arbitrageurs can position themselves in advance by using PMST-related oracle price feed tokens.
Polymarket's actions are not merely a simple "profit redistribution"; they signify that decentralized protocols are beginning to challenge traditional financial infrastructure head-on. When the application layer starts to vie for the settlement layer's discourse power, the "decentralized financial sovereignty" movement in the crypto space has entered deep waters. The outcome of this battle will determine who truly controls the financial lifeline of Web3 in the next five years!
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