Hi guys. Me and my cousin have a specific project in my country (in Africa). People don’t trust PayPal and all that, they trust the bank and mobile payments. But the banks don’t have API’s to connect to an online store, that would work as a bank transfer (offline payment), only one accepts payment w…

You could do it like Circle does with USDC. Basically have a bank account with x amount of whatever currency your country has, and then mint x amount of an ASA on Algorand. This way, the ASA is redeemable 1:1 with your currency and in theory, if there is enough liquidity, the market should peg the A…

That would require a lot of money wouldn’t it? Now it’s a two men project, people don’t tend to finance projects unless they see that is working (is making money). Q1- So the money need to be on a bank account not on an Algo Wallet? Q2- And how can I link the two? Q3- What about algorithmic peggi…

Say you have $1,000 in a bank account. You could then mint an ASA with a total of 1,000. In theory, users could redeem their ASA for the actual currency in the bank account. So you would need to have money in a bank account and also an Algorand account with the same amount of the ASA (1,000). Side…

How do you link the two? Good question. Recently, there have been reports l that the US government wants to treat stable coins like banks so that the stable coin providers cannot cheat on their accounting. Currently, its very difficult to be transparent on how much money stable coin providers act…

Algorithmic pegging generally requires the use of Oracles. Check out DAI, a decentralized stable coin on Ethereum. It relies on loans against ETH and some other assets to peg the price 1:1 with USD.

Make sense for people to be suspicious about it… Because it’s a bit hard to really just believe that they have all the money they say they have but the users can’t actually see the bank account

I’ll check it… But I would like to see a token contract of the stablecoin to see how is written.

[image] Mkousaki: token contract of the stablecoin ETH guys has assumption that there is a token contract… No, there is no contract. ASA is level 1 algorand feature… You submit simple form, and you have your token issued. (In eth vocabulary you can mint once at the start) This “contract” al…

My bad… It’s a habit :sweat_smile:

How to create a stablecoin?

General

Mkousaki February 9, 2022, 9:52am 10

My bad… It’s a habit

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How to create a stablecoin?

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