[Discussion] Yuan and Euro Stablecoin

Once USD has more traction and a treasury is put in place, adding a Chinese Yuan and Euro stablecoin, who both pay seigniorage to Share token holders is interesting.

Vote now on SHARE vs EUROSHARE: https://snapshot.page/#/dollar-protocol/proposal/QmcZe4NtoQysQxU1PUcvEvZQ7WeQngKvoroj78XwjCVy2A


Euro would be awesome due to negative interest rates. What would the Euro oracle?

What are your feelings about having a SHARE token per stablecoin? That would avoid contagion issues.


What is wrong with having SHARE be the underlying for all currencies? You cite contagion issues, could you extrapolate?

This is not bad. Let us build a flexible stable currency system without any collateral. Customs clearance algorithms and games are used to adjust the price of stable currencies in various countries and even generate exchange rates between stable currencies in various countries.

You could always use Chainlink as a stopgap oracle solution. A more decentralized option might be to see if Tellor could provide that feed. All of the options suck besides Uniswap since its free (right?)

Sure, with 3 systems, if one fail (the SHARE get insanely diluted), the other systems stays strong.

With one system, everything is linked.

We can provide a wrapper that rebalance any positive rebase distribution and make a SUPER-SHARE on top of the 3 SHARE. But you can’t do the opposite.


Interesting. Not sure if the tradeoffs are worth the cognitive overhead of having multiple SHAREs and fracturing the protocol but the SUPER-SHARE idea is interesting.

Maybe those projects can help USD/SHARE as well.

4 reasons:

  • Starting should be easy and upward (relative to USD situation), that would show people that the model works and help USD. Before the bug, everything worked just fine but people can’t see that now.
  • This will most likely generate value in the dev wallet (that can be shared between projects) that could help to set a treasury to arbitrage the current USD price.
  • Creation an incentivized USD/EUR pair (with EURSHARE or whatever the name) will generate some buy pressure on USD to go back to the peg.
  • It’s PR relevant to have the first algorithmic EUR stablecoin (and it can be the bigger EUR stablecoin quite easily).

Except the oracle, everything stays the same its just a new deployment so it shouldn’t be too hard.

I really speak for myself here as well as it’s really painful for a Euro citizen to have to use USD-stablecoin to store value.


Great points about helping the USD peg. My one point of contention is that I think the flip-side of all coins going to SHARE holders also rings true. If the EURO/YUAN tokens are in positive rebase, the price of SHARE would increase which would help the USD peg (or any currency in negative rebase). So if one token is in negative rebase but the others are positive, it subsidizes the risk between all of them.


Yes agreed with all points - I’d love to add in a treasury from yam along with a euro stablecoin next. I think the treasury should happen first so we can get some floor support. But theoretically once the treasury works the euro stablecoin can be deployed almost immedietly

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The treasury will only be good once we get back into positive rebases (who knows when that will be) whereas the hype of adding a second stablecoin could lead us back into positive rebases. Releasing both in tandem (to get the hype from a second token as well as collecting reserves from said hype) would probably be the best option (barring technical complexity/limitations).

I would suggest for hype reasons recently to think about something like NFTs announcements. People love hype, NFTs farming is now top geek. If you want to launch new EUR or YUAN pools need to think, how to stay on top of hype.

Sample here, dead tacos farm:

It’s difficult to think of mechanics to add NFTs in Dollar Protocol, but may be some share burn feature for the NFT tokens connected with federal reserve memes?

Following the latest fad is not a sustainable business model. We should be thinking about long term vision of the project and stick to that vision. I think where we’re at and where we’re going is very optimistic.

Don’t get me wrong, NFT’s are cool but aren’t really relevant to a stablecoin protocol.

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Potentially a good euro backed stablecoin for Oracle. Anyone hear of them before?

I have heard of them but not sure why they haven’t gotten much traction yet.

I made the smart contract assessment of EURS for Maker (not too much to be said about it).

There is now liquidity on Uniswap with USDT but the price is … not really good.

The underlying of EURS is also a bit shady (far from USDT levels but still not strong as others USD-stablecoins). There is a small(?) credit-risk (they can’t do otherwise due to negative interest rates).

Can you make something with Chainlink instead of Uniswap? They have EUR/USD pair.

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yes we just applied.

we also just deployed skeleton EUR / EUR-SHARE contracts. will be working on a client side for this coin with chainlink integration.

should be exciting :slight_smile:

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coming to a wallet near you soon

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