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mStablemStableby0xD43a25B442E2C343dAd472A871c5262cCA275Eb4dereksilva.eth

Should sUSD be added to the mUSD basket?

Voting ended over 5 years agoSucceeded

This proposal asks whether a USD stablecoin, Synthetix's "sUSD", should be added as a whitelisted collateral asset to mUSD's basket.

Those for the proposal noted the benefits of including another decentralised stablecoin beyond DAI, opening mStable to the Synthetix community and potential increases in swap volume, among other arguments.

Those against the proposal noted that sUSD has consistently remained above peg, meaning no economically rational actor would mint with it, given mUSD's 1:1 nature. Additionally, it was argued that should any sUSD be deposited, that sUSD would be immediately traded out by arbitrageurs. The lack of DAI representation - itself over-peg - was used as evidence of this dynamic.

View the discussion in the forum here: (https://forum.mstable.org/t/vote-add-susd-to-musd-basket/45).

Off-Chain Vote

Yes, add sUSD
86.76K 84.1%
No, do not add sUSD
16.39K 15.9%
Download mobile app to vote

Timeline

Oct 06, 2020Proposal created
Oct 06, 2020Proposal vote started
Oct 11, 2020Proposal vote ended
Apr 28, 2024Proposal updated