JUST IN: Popular Cryptocurrency Platform May Launch Its Own Altcoin, Sources Say

Cryptocurrency-based prediction platform Polymarket is considering the option of issuing its own stablecoin. According to a source familiar with the matter, the company plans to either generate reserve revenues itself by issuing this new stablecoin or enter into a revenue-sharing agreement with Circle on the amount of USDC held on the platform. Polymarket, which recently reached a $1 billion valuation, wants to control the returns from reserves of USDC, Circle’s dollar-pegged token, which is heavily used in betting pools. A Polymarket representative stated that no final decision has yet been made on the stablecoin. The passage of stablecoin laws in the US last week has increased interest in the field, making stablecoin issuance a more attractive business model for both crypto firms and traditional financial players. These developments are encouraging new companies to enter the market, inspired by the success of stablecoin giants like Tether and Circle. Related News: Bitcoin Surges, Reaches Above $120,000 Again – Here Are the Latest Data and What We Know But launching a stablecoin is a complex process from technical and regulatory perspectives, and Circle is entering into revenue-sharing agreements with exchanges, payments companies, and fintech firms to maintain its advantage in this competitive landscape. For Polymarket, the regulatory aspect is relatively straightforward. According to the source, “Polymarket locks up a large amount of stablecoins in prediction pools and seeks a way to generate returns from these reserves. Because their ecosystem is closed, they can only convert USDC or USDT into their proprietary stablecoins. This is a technically simple, secure, and controllable structure.” While the amount of USDC held on the platform varies depending on the volume of bets, estimates of approximately $8 billion were made during last year’s US election cycle. In May, Polymarket received 15.9 million visits, according to SimilarWeb data. *This is not investment advice. Continue Reading: JUST IN: Popular Cryptocurrency Platform May Launch Its Own Altcoin, Sources Say

Source: BitcoinSistemi