I’d like to understand a little about stablecoin design when it comes to building solutions for countries in Africa where Crypto<>Fiat conversions are prohibited.
Could I have any suggestions from the Maker community?
While it is important for them to get them an actual bank account, our group would like to help them leapfrog into DeFi where they can:
1.) get better rates for keeping their tokens staked (similar to yEarn/Celsius).
2.) Get access to better loans from DeFi platforms
3.) Build credit
I’m thinking about designing a system where a company has a bank account to serve their users and uses the collective company assets in that bank account to create a stablecoin. This company would have to burn/mint tokens to keep the ratio of tokens/cash the same at the end of the week/month.
I’m not sure it needs to be algorithmically managed, though I’m not opposed to it being built like a MKR/DAI approach, but I do not want to build it on Ether, I want to build it on Avalanche (AVAX).
I’m Nathan Windsor, CEO fo Volta Inc, we’re building products in the DeFi space, I’d be glad to chat.