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 enjinx.io or tokenized invoices denominated in fiat currency such as proposed by centrifuge.io 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.