#卡尔达诺稳定币提案

Core Points of the ADA Stablecoin Proposal

1. USDM and USDA Fiat-Backed Stablecoins

Cardano plans to launch fiat-backed stablecoins USDM and USDA through Emurgo and Mehen Finance, respectively anchored by a 1:1 reserve of US dollars and compliant with regulatory requirements. USDM verifies reserve transparency through third-party Oracles, supports on-chain exchanges and KYC processes, aiming to provide compliant liquidity.

2. Djed Algorithmic Stablecoin

Based on an over-collateralization mechanism, users mint Djed by collateralizing ADA or SHEN, dynamically adjusting the collateralization rate (400%-800%) to maintain the dollar peg. Smart contracts automatically adjust supply by burning or minting stablecoins to respond to price fluctuations, while also supporting privacy features (such as zero-knowledge proofs).

3. Treasury Fund Deployment and Yield Recycling

Founder Hoskinson proposed converting 140 million ADA (approximately 100 million USD) into stablecoins, reducing market impact through OTC and TWAP trading, with an annual yield of 5%-10% to repurchase ADA and replenish the treasury, creating a self-recycling growth model.

4. Ecological Impact and Controversy

The stablecoin will enhance Cardano DeFi liquidity (current TVL is only 356 million USD, with stablecoins accounting for less than 10%), attracting venture capital participation. However, DReps are concerned that direct sales of ADA may trigger market sell pressure, suggesting a priority on minting crypto-collateralized stablecoins (such as ObyUSD).

5. Future Plans

Plans to integrate privacy stablecoin protocols, combining limit orders and liquidity mining on-chain DEXs, promoting cross-border payments and compliant applications, aiming to become decentralized financial infrastructure.