Hi guys, I have notice in the news that there is a U.S. government proposal on regulation of stablecoins such as USDT and others, which could have very negative effect on the whole crypto industry. You can find the article here.

Since many of us might think that stablecoins play a crucial role in the industry, enacting such a legislation could indeed hurt us badly. And I started to wonder if there could be anything that would be capable of replacing a stablecoin without the need to deposit equal amount of fiat into the bank account and complying with the bank regulations. And then I suddenly remembered how I was recently surprised on relatively stable price of our PIPT index during market fluctuation. And I said to myself, what the heck, would it be possible to create an index of other crypto assets that could be as much stable as possible and could serve as our stablecoin? And if we could manage to create something like that and give that enough visibility, can you imagine how much TVL might be eventually locked inside and how our community and CVP could benefit from it?

So what could be part of the index, which could be as stable as possible itself or in relation to other assets…? Perhaps coins with very high capitalization that do not fluctuate that much, or non-fungible tokens such as gamer’s stuff, for example from or tokenized invoices denominated in fiat currency such as proposed by or anything else you might think of which might work?

Please feel free to brainstorm with me on the feasibility of this idea because even if it would not lead to any real outcomes as I proposed it, maybe we can come to another solution that might work as stable asset competing with current stablecoins.

I would love to hear any suggestions or opinions from @Sergey, @YanDelphi or @powerpoolAdmin and all other active members of the community.

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These articles are extremely misleading. The government can only regulate centralized stablecoins. There are plenty of stablecoins that are not regulatable.

As for making a stablecoin, I’m not sure why PIPT would need to do that. PIPT can easily be used to back Dai via MakerDAO or any other collateralized system. A system with PIPT wouldn’t be any different than any other collateralized stablecoin, so why use resources to essentially rebuild MakerDAO.

I would just wait. If you want decentralized stablecoins, they’re pretty much here, but they need to be tested out, and PIPT would have to wait a while for protocols to fully trust it.

[quote=“monteluna, post:2, topic:564”]
ly misleading. The govern
[/quote]is try

you are wrong my friend algorithmic stables + Unregulated & unbacked centralized stales alike are targeted by this bill.
BTW if this bill will pass it will better for the project to stay out of the stables market BC what offered here is in essence what the bill is targeting.
Altho its an interesting idea it might be waize to wait for a while.
here is a very good disscusion on the bill:

I have read it. Trust me, only centralized groups that control their stablecoins are affected (Tether, USDC).

In any case, there’s no point in creating a stablecoin system. There’s an absolutely silly amount of them now, and it doesn’t really have much to do with centralizing governance power, which is the point of Power Pool.