PIP-58 l Adjust allowed assets in Parallelizer Module on Sonic

Summary:

The proposal aims to adjust allowed assets used to mint USDp using the Parallelizer Module on Sonic.

Context:

Earlier this month, Chainlink informed us that they will deprecate scUSD/USD market price feed on December 12 2025. We therefore began searching for alternative price feeds, but to date we have not found any alternatives that we consider viable. We therefore propose, after informing Trevee of our intentions, to remove scUSD and gami_scUSD from the allowed assets used to mint USDp via the Parallelizer Module.

Rationale:

We propose to remove scUSD and gami_scUSD from the allowed assets used to mint USDp via the Parallelizer Module. This means that only frxUSD and sfrxUSD will remain as allowed assets to mint USDp on Sonic.

This will take place in four stages:

• The DAO Multisig will pause the ability to mint USDp using scUSD & gami_scUSD. Only the burn and redeem functions will be available.
• Keepers will rebalance the backing of USDp in order to remove all scUSD and gami_scUSD, replacing them with frxUSD and sfrxUSD
• The DAO Multisig will pause the ability to burn and redeem scUSD & gami_scUSD using USDp
• The DAO Multisig will remove scUSD & gami_scUSD from allowed assets in collateral

Means:

• Human Resources: Multisig signers will need to sign transactions to execute the proposal.
• Treasury Resources: No treasury resources needed.

Technical implementation: On Sonic:

• In the ParallelizerUSDp contract, call the ‘togglePause’ function with these parameters:
  • collateral: 0xd3DCe716f3eF535C5Ff8d041c1A41C3bd89b97aE (scUSD)
  • pausedType: 0 (mint)
• In the ParallelizerUSDp contract, call the ‘togglePause’ function with these parameters:
  • collateral: 0xA19ebd8f9114519bF947671021c01d152c3777E4 (gami_scUSD)
  • pausedType: 0 (mint)
• In the ParallelizerUSDp contract, call the ‘togglePause’ function with these parameters:
  • collateral: 0xd3DCe716f3eF535C5Ff8d041c1A41C3bd89b97aE (scUSD)
  • pausedType: 1 (burn)
• In the ParallelizerUSDp contract, call the ‘togglePause’ function with these parameters:
  • collateral: 0xA19ebd8f9114519bF947671021c01d152c3777E4 (gami_scUSD)
  • pausedType: 1 (burn)
• In the ParallelizerUSDp contract, call the ‘togglePause’ function with these parameters:
  • collateral: 0xd3DCe716f3eF535C5Ff8d041c1A41C3bd89b97aE (scUSD)
  • pausedType: 2 (redeem)
• In the ParallelizerUSDp contract, call the ‘togglePause’ function with these parameters:
  • collateral: 0xA19ebd8f9114519bF947671021c01d152c3777E4 (gami_scUSD)
  • pausedType: 2 (redeem)
• In the ParallelizerUSDp contract, call the ‘revokeCollateral’ function with these parameters:
  • collateral: 0xd3DCe716f3eF535C5Ff8d041c1A41C3bd89b97aE (scUSD)
  • checkExternalManagerBalance: false
• In the ParallelizerUSDp contract, call the ‘revokeCollateral’ function with these parameters:
  • collateral: 0xA19ebd8f9114519bF947671021c01d152c3777E4 (gami_scUSD)
  • checkExternalManagerBalance: false

Voting options:

• For the adjustment of allowed assets in Parallelizer Module on Sonic
• Against / Rework the Proposal
• Abstain

Author(s): Cooper Labs