Source: Polymarket is considering issuing its own stablecoin

PANews reported on July 23 that according to CoinDesk, people familiar with the matter said that the crypto prediction market platform Polymarket is considering whether to launch its own customized stablecoin or accept a profit-sharing agreement with Circle based on the platform's USDC holdings. It created its own stablecoin to control the reserve assets that support the platform's large amount of USDC and can generate income. A Polymarket representative said that the issue of stablecoins has not yet been decided.

The source said that from a regulatory perspective, it is easier for Polymarket to issue its own stablecoin. The person said that Polymarket locks in a large amount of stablecoin value in the hope of gaining profits from it. Its ecosystem is closed, and it only needs to exchange USDC or USDT for customized stablecoins. There is no need to worry about the deposit and withdrawal channels. The construction is simple and easy to ensure security and control. A Circle spokesperson did not respond to comments.