TIP 23: Add lots of new stablecoins


There is a new proposal to add a EURO stablecoin (TerraEUR - EUT) to Terra currently outstanding. This would allow users to swap Luna or their existing stablecoins in UST, KRT, SDT or MNT to EUT. In this volatile macro environment, allowing users to swap into safe haven assets such as the Euro is highly desirable. There is growing need to enable a richer fx market on Terra, to allow users to speculate on foreign exchange volatility.

The Proposal

Proposer: Do Kwon (Terraform Labs, Founder)

We propose to add the following currencies to Terra swaps:

  • CNY
  • JPY
  • GBP
  • INR
  • CAD
  • CHF
  • HKD
  • AUD
  • SGD (Added after community feedback)

These are (along with USD and KRW) the top 10 fiat currencies by market cap as listed on FiatMarketCap.com. We can add more fiat currencies as markets become more liquid, but coverage top 10 fiat currencies is necessary to form a minimal viable set of currencies to allow users to trade fx markets on Terra.

Given these are all highly liquid currencies, we propose they go live with a standard tobin-tax rate of 0.25%.



      "key": "whitelist",
      "value": "[
+       {\"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\":\"uaud\",\"tobin_tax\":\"0.003500000000000000\"},
+       {\"name\":\"usgd\",\"tobin_tax\":\"0.003500000000000000\"}
      "subspace": "oracle"

Cost / Benefit analysis

  • Benefit: users on Terra would be able to gain access to many more currency pairs on Terra swaps, making it a much more viable option for fx trades.
  • Cost: Oracle feeder providers will have to upgrade software to support the new pairs being added, and validators will have to make sure they run the new and upgraded software. Submitting oracle votes will also now be slightly more expensive.

Next steps

This proposal will sit in agora for the next two weeks before the proposal is submitted onchain.


It would be good if all the vallidators reflect the premium of fiat/fiat exchange in oracle voting.
(Ex: The current KRW/USD exchange rate is 1085, but KRT/UST would be better to be 1140 considering KIMCHI premium)

-ref: SUN in discord,korean channel

It can secure the stability in adding several more currencies.

Right. While that is a valid stream of discussion, perhaps not super relevant to this proposal?

I think it’s a great proposal and a mandatory one if Terra’s goal is to give the ability to anyone to develop a dApp suiting it’s own specific national needs; juste like Chai and Buzlink in KRT.

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Thats not really how swaps work

You dont need bridges to port over assets, terra stablecoins are pegged synthetics

The mechanism works best for assets that have low volatility among the collective set e.g. large cap fiat currencies and thus bnb and eth is not appropriate


  1. It may be irrelevant to the topic, but I wonder why MNT maintains the Tobintax at 2.0%. Is it liquidity?

  2. If this agenda is passed, is it minted by swapping Luna or Terra without issuing initially?

Thank you.

  1. MNT is extremely illiquid, so yes - a higher tobin tax is necessary

  2. Correct.

I think the basket of Terra stablecoins needs to include these currencies eventually, and therefore I am in favor of the proposal.

However, much like we would be putting a lot of stress on the Mirror protocol by adding the 28 voted assets all at once, we will need to figure out how to launch these new stables smoothly, with regards to their utility and liquidity.

Would you mind sharing a bit more about the roadmap for this @dokwon ?


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I think for adding more fx pairs the situation is a bit different - top 10 currencies are highly correlated - trades lockstep to the USD. Further, the Terra protocol is significantly more battle tested compared to Mirror (20 months vs 1 month). Lastly, there is no reward dilution issue as with listing new mAssets.

I suggest we move with listing all suggested new stablecoins ASAP - will put up the proposal in the next few days

I agree. Let’s put up the proposal!

I was wondering, could we also add a Singapore Dollar Stablecoin (SGD) along with the new pairs??

Singapore is economically advanced and has lots of crypto enthusiast that would be delighted to have an SGD stablecoin.

Proposal is now live: Terra Station.

Please vote!

Now that this has passed, what are the next steps? When AUD equivalent of UST?

AUT obviously, you can swap to it from terra station


Yes love idea of more stable coins. If have the inkling to look into it also Indonesian IDR? It’s up there but not top ten, my understanding is population massively underserved in financials and banking.

when will MYR (Malaysia Ringgit) be added? Do Kwon mentioned Malaysia a few times in different interviews. It’s the 20th largest fiat currency according to https://fiatmarketcap.com/, can we add it in?

Cant wait to see similar reaction of Bank Negara Malaysia (central bank of Malaysia) like BOT after they found out about MYT (Terra version of MYR). :grin:

Can we expand this adoption from top 1-20 fiats to 1-30?

Any chance of getting BRL into the next list?