The idea is to convert the circularing supply of ustc to the value needed to peg to 1$, for example if you have 100 ustc after the conversion you will have 3.09 ustc (using the actual value for the conversion) and then use the 1,2% tax to acquire assets for a backup fund to protect the peg. Is it viable and interesting for the community, is this useful? Just a thougt.
it’s called “reverse-stock split” 33:1
unfortunately, it’s viable but extremely hard to implement (unless it’s a built-in logic in core smart contract logic on launch date)
rebase USDT value itself is easier, but the problem is on derivative
for example wrapped token like 1 sUSDT = 1 UST, then how to fix this? how about lending/borrowing logic? how many related derivative need to be check to ensure there are no loop hole or inconsistent?
and how people who holding UST will seen this as fair treatment? as reverse stocksplit usually results in dropping real value after that? people see it’s skyrocket 33000%, then they usually tend to SELL, lead to severve drop in values… may be drop to $0.5 afterward because it just skyrocket from $0.03 → $1.0 (in real world, reverse stock split is a big NO to investors)