Community Stablecoin Vote
Select the next Compound market
Since launching the Compound protocol almost a month ago, we’ve spent countless hours talking to users and gathering your feedback. One request in particular dominated the conversation: add a stablecoin, that you can earn interest on, or borrow. But which one? The number of stablecoins is growing…rapidly.
At Compound, our goal is to eventually hand complete control of the protocol over to the community. So, we thought you should have complete control in selecting the next asset.
Voting & Listing Process
Between now and 11:59pm PT on November 6th, all Compound protocol users are invited to vote for a stablecoin, by signing a message with your Ethereum address — the stablecoin that receives the most votes will be added to the Compound protocol following technical diligence and integration planning.
To ensure fairness, you must be a Compound protocol user in order to vote.
Dai v1.0 (DAI)
Dai is an asset-backed stablecoin which is minted by users, by locking Ether in a collateralized debt position. Dai maintains a target value of $1 using a system of collateral and price feeds, managed by Maker (MKR) token holders. The Dai/Maker system operates transparently on the Ethereum blockchain.
TrueUSD is a US dollar-backed stablecoin which is minted by TrustToken, when users place US dollars into a legal escrow; users with a verified TrueCoin account can redeem TrueUSD for US dollars. TrustToken provides regular attestations of escrowed balances, and legal protections for escrowed funds. There are currently no fees to convert, transact, or redeem TUSD for US dollars, though the token code contains this functionality.
Gemini dollar (GUSD)
The Gemini dollar is a US dollar-backed stablecoin which is issued by Gemini Trust Company at the time of withdrawal from the exchange and redeemed at the time of deposit into the exchange. Gemini is regulated by the New York State Department of Financial Services and provides monthly attestations of balances backing GUSD with BPM, LLP. Gemini dollars are backed 1:1 to the US dollar and held at State Street Bank and Trust Company. There are no fees to convert, transact, or redeem GUSD.
USD Coin (USDC)
USD Coin is a US dollar-backed stablecoin, which is governed by CENTRE, and minted by multiple approved issuers; the first two are Coinbase and Circle. Each issuer maintains full reserves of the equivalent fiat currency, are required to regularly report USD reserve holdings, and may set their own fees to convert, transact, or redeem USDC.
Paxos Standard Token (PAX)
Paxos is a US dollar-backed stablecoin minted by the Paxos Trust Company, when users place US dollars into a legal escrow; users with a verified Paxos account can redeem PAX for US dollars. Paxos is regulated by the New York State Department of Financial Services, and provides regular attestations of balances backing PAX. There are no fees to convert, transact, or redeem PAX.