Polkadot Governance Referendum Suggests Approval for Native Stablecoin dotUSD

The Polkadot ecosystem is on the verge of getting its own native stablecoin called dotUSD. A governance referendum, currently live on DOT DAO voting, suggests it's likely to pass. If approved, Polkadot will gain a protocol-owned stablecoin backed by DOT.

According to the proposal, dotUSD would be an over-collateralized stablecoin pegged to the US dollar. The architecture draws heavily from Liquity v2 (BOLD), adapted specifically for Polkadot. Users can mint dotUSD worth less than their collateral's value, for example, depositing 300 DOT at $5 each gives $1,500 in collateral, against which up to $1,000 could be minted.

The proposal also outlines a phased rollout plan, starting with Phase 1, Stable-Backed, where users mint 1:1 against USDT. The more complex oracle-dependent vault system will be finalized separately in Phase 2, DOT-Collateralized Vaults.