|

Pi Network Makes a Mysterious Stablecoin Move: Could Rewards Be Coming to Pioneers?

The Core Team behind the challenge introduced a partnership on X with Open Standard simply because the latter’s Open USD (OUSD) stablecoin went stay with heavyweight backing from the likes of Visa, Coinbase, Mastercard, and Stripe.

The most fascinating half for Pioneers is that the collaboration might finally convey OUSD-based rewards and extra utility within the broader Pi ecosystem.

What Is Pi Planning?

The intriguing parts of Pi Network’s announcement start with the timing, which got here hours after OUSD officially went live on September 30. Businesses and builders can now combine the dollar-pegged asset by means of infrastructure from Visa, Mastercard, Stripe, and Coinbase, whereas the stablecoin is natively accessible on Ethereum, Solana, Base, and Tempo. It has already been launched by means of exchanges like Coinbase, Kraken, and Uniswap.

Open Standard has grown significantly since CryptoPotato first covered the challenge in late June, when greater than 140 corporations had signed up to take part. It now says its community contains over 200 monetary establishments, fintechs, banks, and international companies.

Its founding companions embody the 4 giants talked about above and Shopify, which have dedicated greater than $1 billion in near-term launch liquidity. OUSD itself is issued by Stripe’s Bridge, with reserves held at BlackRock, Lead Bank, and BNY Mellon. All of this makes Pi’s announcement considerably extra impactful to its neighborhood and raises some main questions, though there aren’t too many particulars but.

Stablecoin Rewards Coming?

Open Standard makes use of a completely different financial mannequin from most main stablecoin gamers. Participating companions can earn rewards based mostly on the OUSD provide and exercise they generate on their platforms, whereas they’ll additionally turn out to be eligible to earn fairness in Open Standard.

Pi has not but defined precisely how any Pioneer reward program would work, who would qualify, or when it’d launch. Nor has it confirmed that OUSD will turn out to be natively supported on its blockchain, so we shouldn’t assume such an integration from the partnership announcement alone.

What has been highlighted continues to be very slim however notable: Pi Network and Open Standard are exploring methods to convey OUSD-created rewards and broader utility to Pi’s huge person ecosystem.

For a challenge that has spent a lot of the previous yr and a half attempting to increase past merely holding and transferring the native token, that would characterize a extra significant step towards rising real-world exercise contained in the community. For now, although, the small print are scarce however we’ll ensure to cowl them as soon as they’re stay.

The submit Pi Network Makes a Mysterious Stablecoin Move: Could Rewards Be Coming to Pioneers? appeared first on CryptoPotato.

Similar Posts