Proposal: Add mUSD as collateral asset on Cream

Summary

  • mStable is a protocol that unites stablecoins, lending and swapping into one robust and easy to use standard. Meta (MTA) is the governance token of the mStable ecosystem that governs the mStable protocol.
  • mStable has a built-in AMM with the lowest swap fees (0.02%), one of the highest yielding passive savings account in DeFi and produces meta-assets which are composable, diversified and risk-minimized assets in their own right
  • mUSD is currently on Polygon with more than US$16m of liquidity and is backed by multiple stables (USDT, USDC and DAI)

Asset Details

  • Coingecko token link: https://www.coingecko.com/en/coins/mstable-usd
  • C.R.E.A.M. money to list asset (select all that apply): Polygon, Ethereum
  • Links to DEX liquidity pool on respective chain: https://app.mstable.org/#/musd/forge/swap
  • Other details:
    • Does it comply with ERC20? Yes
    • What is the asset used for? mUSD is pegged to the USD, backed by a basket of existing and whitelisted tokenised assets of that same peg, and held by the user. It can be used as a capital efficient way to earn a high native interest rate in Save, or used as a simple way to hold diversified but capped exposure to a variety of whitelisted stablecoins.

Motivation:

  • mStable is extended its stablecoin ecosystem multi-chain and Cream is an ideal partner to support mUSD lending and borrowing as it continues to expand
  • As the first decentralised lending market to support mUSD on Polygon, Cream stands to benefit from increased TVL and generate increased usage on its platform
  • mStable has been a long-time partner with Cream and has deployed >US$7m idle mUSD on Ethereum mainnet to Cream’s Iron Bank to support protocol-to-protocol lending
  • mUSD revenue has surpassed US$3.3m from trading fees, platform interest and platform rewards since inception and is poised to grow further

Action

  • For: Add mUSD to C.R.E.A.M. on Polygon and Ethereum mainnet
  • Against: No Nothing

Hello C.R.E.A.M. community. As a fellow member of the mStable team we are here to answer any questions you may have about this or the MTA collateral forum items.

We’ve enjoyed collaborating so far as projects, and hope that we can continue to do so on Polygon :slight_smile: