Polymarket, the cryptocurrency-driven prediction market that recently achieved a valuation of billions, decides whether to introduce his own custom stableecoin or accept an income-sharing agreement with a circle based on the amount of USDC held on the platform, according to a person who is familiar with the plans.
Polymarket’s motivation to create its own stableecoin is simply to own the dividend-generating reserves that support the large amount of Circle’s USDC dollar peg-token used to make bets on the popular bet, the person said.
A polyming representative said no decision has been made on the StableCoin question yet.
Legislation on stableecoins adopted in the United States last week makes the issuance of a stableecoin all more attractive a business proposal for both Crypto native companies and more traditional financing players who may look at success with stableecoin-issuing giants bound and circle.
That said, it is known that the launch of a stableecoin is a complex lift for many companies, and the USDC issuing company is known to cut revenue sharing agreements with exchanges, payment companies and other fintechs to remain competitive in the rapidly developing space.
For the polyming field, it is, according to the source, to issue its own stableecoin a much easier lift from a regulatory point of view, according to the source.
“The polyme field locks a lot of stablecoin value in their bets, and so they want a kind of mechanism to get the benefit,” the person said. “In the case of the polymarket, it is a closed ecosystem and all they really need to do is be able to exchange USDC or UST for what their custom stableecoin is. They don’t have to worry about the last mile on ramp and off ramp. It is a very simple thing to build and easy to secure and control.”
Spokespersons for Circle did not immediately return a request for comment.
The amount of USDC on the polyming field fluctuates with betting on the platform, but about $ 8 billion efforts were placed during last year’s US election cycle, and the site attracted about 15.9 million visits in May, according to SimilarWeb.
The company is looking for formally reintroducing the United States with the acquisition of US-based QCEX following the closure of civilians and criminal investigations of Sine, allowing US-based customers to place efforts on its platform.
