Polkadot Community Votes Overwhelmingly for Native Stablecoin dotUSD

Polkadot's community is voting on whether to adopt its own native stablecoin called dotUSD. The proposal, known as Referendum 1944, aims to create a decentralized stablecoin that operates autonomously through on-chain logic and doesn't rely on a centralized issuer.

The plan for dotUSD involves two phases: the first phase will see users minting dotUSD against USDT, with the system not needing an oracle, collateral vaults, or liquidation infrastructure at this stage. The second phase would introduce DOT-collateralized vaults and other features to maintain stability.

According to a snapshot of the vote results, 97.5% of voters support the proposal, with over 2.4 million DOT in favor versus just 59,900 against. This level of support is significant, given that an earlier similar proposal called pUSD won more than 75% support and secured over $5.6 million in committed DOT.

The introduction of dotUSD would give Polkadot governance direct control over parameters that currently sit with outside stablecoin issuers and aligns with the network's broader push toward capped, more predictable token economics.