Add another bunch of stablecoins

Governance & Proposals
1

The exponential growth of the Terra community and its ecosystem, with new ideas surging every day and with projects in development like localterra, that will facilitate the exchange of Terra stablecoins and use cases, has created a desire for more stablecoins.

Proposal

Let´s add:

  • TWD
  • BRL
  • RUB
  • MXN
  • SAR
  • MYR
  • PLN
  • IDR
  • AED

With these additions, Terra will cover the top 23 fiat currencies by market cap according to FiatMarketCap.com.
Edit:
The tobin tax proposed for each currency is base on the comparison of their liquidity against the ones that we already have and adjusted according to the tax that it´s applied to the others. Foreign exchange turnover (2019)

Type
Parameter-change

Changes

[
  {
    "key": "whitelist",
    "value": "[
       {\"name\":\"ukrw\",\"tobin_tax\":\"0.010000000000000000\"},
       {\"name\":\"usdr\",\"tobin_tax\":\"0.003500000000000000\"},
       {\"name\":\"uusd\",\"tobin_tax\":\"0.003500000000000000\"},
       {\"name\":\"umnt\",\"tobin_tax\":\"0.020000000000000000\"},
       {\"name\":\"ueur\",\"tobin_tax\":\"0.003500000000000000\"},
       {\"name\":\"ucny\",\"tobin_tax\":\"0.003500000000000000\"},
       {\"name\":\"ujpy\",\"tobin_tax\":\"0.003500000000000000\"},
       {\"name\":\"ugbp\",\"tobin_tax\":\"0.003500000000000000\"},
       {\"name\":\"uinr\",\"tobin_tax\":\"0.003500000000000000\"},
       {\"name\":\"ucad\",\"tobin_tax\":\"0.003500000000000000\"},
       {\"name\":\"uchf\",\"tobin_tax\":\"0.003500000000000000\"},
       {\"name\":\"uhkd\",\"tobin_tax\":\"0.003500000000000000\"},
       {\"name\":\"usgd\",\"tobin_tax\":\"0.003500000000000000\"},
       {\"name\":\"uaud\",\"tobin_tax\":\"0.003500000000000000\"},
       {\"name\":\"uthb\",\"tobin_tax\":\"0.007500000000000000\"},
       {\"name\":\"usek\",\"tobin_tax\":\"0.003500000000000000\"},
       {\"name\":\"unok\",\"tobin_tax\":\"0.003500000000000000\"},
       {\"name\":\"udkk\",\"tobin_tax\":\"0.003500000000000000\"},
+       {\"name\":\"utwd\",\"tobin_tax\":\"0.004500000000000000\"},
+       {\"name\":\"ubrl\",\"tobin_tax\":\"0.004000000000000000\"},
+       {\"name\":\"urub\",\"tobin_tax\":\"0.004000000000000000\"},
+       {\"name\":\"umxn\",\"tobin_tax\":\"0.003500000000000000\"},
+       {\"name\":\"usar\",\"tobin_tax\":\"0.012000000000000000\"},
+       {\"name\":\"umyr\",\"tobin_tax\":\"0.013000000000000000\"},
+       {\"name\":\"upln\",\"tobin_tax\":\"0.006500000000000000\"},
+       {\"name\":\"uidr\",\"tobin_tax\":\"0.008000000000000000\"},
+       {\"name\":\"uaed\",\"tobin_tax\":\"0.012000000000000000\"}
    ]",
    "subspace": "oracle"
  }
]

Benefits.

  • As always,
  • An immense increase in Terra’s world coverage, creating an opportunity to access the millions expend between countries. Like the ones involved in multilateral free-trade agreements:

The North American Free Trade Agreement (Canada, USA, Mexico).

The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (we will be covering 6/11).

The Regional Comprehensive Economic Partnership (8/15).

And let´s not forget the dozens of bilateral free-trade agreements that could be using Terra.

  • Bringing Terra to some of the missing world’s top 30 exporting countries allowing every merchant to get paid with Terra.
  • Access to the millions in remittances, like the US-Mexico and UAE-India.

Here are some numbers from last year:

UAE – $43 billion sent.

Saudi Arabia – $34.5 billion sent.

Mexico – $40.6 billion received.

Cost
Also, as always

P.S
I’m assuming that proposal 83 will pass base on the current turnout. In any case, I’ll wait until it gets approved before the proposal is submitted onchain.

3 Likes
2

What’s the use cases for the current fiat stablecoins that we have? For example, AUT (Aus Dollar), other than being able to hold it in your terra station what else can you do with it?

Not being critical just genuinely curious because if we could get AUT functionality into Anchor and be able to deposit Aus Dollars for 20% it’s game over… Progressively put more fiat stablecoins onto Anchor and you eliminate currency risk, with ozone coming soon you eliminate a lot of the 2 risks - smart contract & currency…

Any updates or thoughts on this?

1 Like
3

From a consumer perspective, holders of tethered currency can use it for regular transactions in real world since it’s pegged 1:1 with the real world fiat currency.

If you want to buy milkshake for 5 USD from a vendor and both of you have Terra wallet, you can just transfer 5 UST - and done. You do not have to think about blockchain, crypto price fluctuation, etc. Your transaction are instant, can be of any amount, and cannot be monitored or stopped by any government authority.

This is already happening in South Korea with Chai wallet.

5

You’ll definitely have my support with this vote on chain. We were excited to see MXN in your basket. I was about to create my own proposal for Mexico until I was linked to this post in Discord. Thanks!

6

I would think that many of these stablecoins would make it into Anchor eventually. If not, there’s nothing stopping anyone from creating a competitor that accepts single or multiple stablecoins other than UST. Also consider if anyone created country specific payment apps like what we see in Kash or Chai that primarily used a countries specific Terra stabelcoin for payments, investing, defi, and savings.

7

We also need to adjust KRT’s Tobin Tax, which was adjusted last time as a Bithumb premium issue.

8

Please add ZAR to the list if possible. South Africa is a country that has a high amount of p2p transaction volume and I’m working on a project (early stages)that would promote the use of this.

9

Please add to CLP - Chilean peso.

10

Hey, really love the idea of adding a bunch of the top fiat currencies to Terra. Are you still planning on proposing this or is there something preventing it?

11

Is this potential proposal still active?

12

This already happened several months ago - you can check out which currencies are active on terra station.

1 Like
13

Ahh, true, but not all of them on the list are on Terra. MXN, specifically. I guess I’ll need to do my own proposal to get the Mexican Peso on there.

Thanks for the reply!

1 Like
14

Was thinking of doing the same!

15

Really curious to know if you tried to get this approved.

I just proposed here to create BRL stablecoin but no one even replied.
I’m afraid of proposing it and loosing the 50 Luna out of lack of quorum.