#卡尔达诺稳定币提案

The stablecoin proposal put forward by Charles Hoskinson, the founder of Cardano, aims to enhance the liquidity of stablecoins in the ecosystem by converting part of the Cardano treasury funds into USDM stablecoins, and to promote the development of decentralized finance (DeFi). The following are the core contents of the proposal and community reactions:

Core Content of the Proposal

Fund Conversion: Convert 140 million ADA (approximately 100 million USD) from the Cardano treasury into USDM stablecoins, with the treasury currently holding 1.7 billion ADA (approximately 1.23 billion USD).

Liquidity Enhancement: Collaborate with major hedge fund Brevan Howard to enhance the total value locked (TVL) and market-making activity within the ecosystem.

Returns and Reinvestment: Expected annualized returns of 5%-10%, with profits used to buy back ADA and reinvest in the treasury, creating a self-sustaining funding cycle.

Market Confidence: Hoskinson believes that by using over-the-counter trading and time-weighted average price strategies, the conversion process can be controlled to avoid significant market impact.

Community Reactions

Supportive Views: Some community members believe that the proposal will enhance DeFi participation and promote the long-term development of the Cardano ecosystem.

Opposing Views: Some members are concerned that selling 140 million ADA may lead to market selling pressure, particularly under current market conditions that could lower ADA's market value. Additionally, some members pointed out the practical difficulties in finding a buyer for 100 million USD and questioned whether the market depth is sufficient to absorb the conversion volume.

Controversy and Response

Market Risk: Some members are worried that this move could trigger front-running, while Hoskinson emphasized that Cardano's market depth is sufficient, with weekly trading volumes reaching billions of dollars, and that DeFi development will create enough demand.

Stablecoin Alternatives: Some members suggested minting crypto-asset collateralized stablecoins similar to ObyUSD to avoid directly selling ADA, while Hoskinson insists on the feasibility and potential benefits of his proposal.

Overall, the proposal aims to promote the development of Cardano's DeFi ecosystem by enhancing stablecoin liquidity, but it also faces challenges from market risks and community disagreements.