Polymarket, the prediction market fueled by cryptocurrency which recently reached an evaluation of a billion dollars, decides to introduce its own personalized stablecoin or to accept a income sharing agreement with Circle according to the amount of the USDC held on the platform, according to a person familiar with the plans.
Polymarket’s motivation to create its own stablecoin is simply to have the reserves generating return which supports the large quantity of PEGED token of the Circle USDC used to make bets on the Popular Paris platform, said the person.
A polymarket representative said that no decision had yet been made on the stable issue.
The legislation around the stalls adopted in the United States last week makes the publication of a commercial proposal more attractive for indigenous Crypto companies and more traditional financial players who can look at the success of the giants and the circle of giants and in possible.
That said, the launch of a stablecoin is a complex elevator for many companies, and the Circle of USDC transmitters is known to reduce income sharing agreements with exchanges, payment companies and other fintechs in order to remain competitive in rapidly evolving space.
For Polymarket, the publication of his own stablecoin is a much easier elevator from a regulatory point of view, according to the source.
“Polymarket locks up a lot of stablecoin value in their Paris pools and they therefore want a kind of mechanism to obtain the yield,” said the person. “In the case of Polymarket, it is a closed ecosystem and all they really have to do is be able to exchange USDC or USDT in what their personalized stablecoin is. They do not have to worry about the last mile on the ramp and the ramp out of the ramp. It is a very simple thing to build, and easy to secure and control. ”
Circle spokesperson did not immediately return a comment request.
The amount of the USDC on the polymarket fluctuates with a Paris activity on the platform, but some 8 billion dollars in Paris were placed during the US electoral cycle last year, and the website attracted some 15.9 million visits in May, according to similar.
The company seeks to officially reintegrate the United States with the acquisition of QCEX based in the United States, after the closure of civil and criminal surveys on its customers based in the United States to place bets on its platform.
