Polymarket, a cryptocurrency prediction platform, plans to launch its own stablecoin and earn from reserve assets
Its own stablecoin will allow the platform to reduce dependence on USDC and control revenue from collateral supporting user bets. The volume of USDC on the platform fluctuates based on market activity. During the 2024 US election cycle, over $8 billion was wagered.
The main motive is financial. Polymarket holds a significant amount of USDC, but currently, revenue from these reserves goes to Circle. By creating its own token pegged to the dollar, Polymarket will be able to earn from the reserves independently. However, a final decision on this has not yet been made.
