Key Takeaways
- Polymarket is contemplating launching its personal stablecoin to retain yield from USDC reserves used on the platform.
- The transfer follows regulatory clearance to re-enter the US market and a $112M acquisition of QCEX, a licensed derivatives trade.
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Polymarket, the most important crypto prediction market on the earth, is exploring whether or not to challenge its personal stablecoin or enter a revenue-sharing settlement with Circle, in accordance with an individual acquainted with the matter, as reported by CoinDesk.
Polymarket’s predominant incentive for launching its personal stablecoin is to earn yield from the reserves that at the moment profit Circle. By issuing a local token, the platform might maintain that income in-house. An organization consultant mentioned no closing determination has been made.
The potential stablecoin launch coincides with Polymarket’s broader push again into the US market. In July, the corporate agreed to acquire QCEX, a CFTC-licensed trade and clearinghouse, in a $112 million deal that clears the trail for regulated operations on the earth’s largest monetary market.
An individual acquainted with the matter mentioned Polymarket holds vital stablecoin worth in its betting swimming pools and is in search of a approach to seize the yield. Because the platform operates inside a closed system, it solely must help easy swaps between USDC or USDT and its personal token, with out the necessity for complicated off-ramp infrastructure.
Polymarket’s determination might considerably influence the platform’s economics. Over $8 billion in bets had been positioned throughout final 12 months’s US election cycle, and the location noticed almost 16 million visits in Might, in accordance with SimilarWeb.
This month, Polymarket additionally announced plans to overtake its reward and oracle-resolution system. The brand new framework, a part of its 2028 Election Holding Rewards program, will supply extra correct pricing and simpler migration for customers.
On the similar time, the Division of Justice and CFTC dropped their investigations into Polymarket’s previous operations, clearing lingering authorized uncertainties.
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