The Polkadot community is currently voting on Referendum #1944, which proposes the creation of a decentralized, protocol-owned stablecoin named dotUSD. The initiative has received 97.5% support, with approximately 2.31 million DOT tokens cast in favor and 59,900 against.
The proposal outlines an initial liquidity requirement of $5 million. This amount is to be divided equally, with $2.5 million in USDT used for minting and $2.5 million in DOT allocated to a liquidity pool on Asset Hub. The stablecoin is designed to be over-collateralized by DOT.
The project is being processed through the OpenGov system on the Root track. If approved, dotUSD is intended to serve as the default stable-value instrument within the Polkadot ecosystem, reducing reliance on third-party assets like USDT and USDC.
This initiative follows a previous attempt in 2025 to launch a native stablecoin called pUSD, which secured over 75% support and had $5.6 million in DOT committed. The current referendum is now in its final deciding phase.
