Polkadot Votes on DOT‑Backed pUSD Stablecoin

Polkadot is voting on RFC-155, a proposal from Acala co‑founder Bryan Chen to launch pUSD, an over‑collateralized, algorithmic stablecoin fully backed by DOT and deployed on the Polkadot Asset Hub using the Honzon protocol. The measure currently has strong but insufficient support — roughly 74–75% backing with about 1.4 million DOT (≈$5.6 million) used to vote — and must clear a higher approval threshold reported around 80–85% to pass. Backers say pUSD would reduce reliance on USDT/USDC, unlock DeFi liquidity, enable DOT‑backed borrowing and optional savings features, and allow the Treasury to transact in a native stablecoin. Critics caution the plan risks repeating Acala’s failed aUSD experiment, warn that a DOT‑only collateral model could cause liquidation cascades and sell pressure, and oppose Acala involvement unless the team is explicitly excluded and Technical Council/Fellowship oversight is added. Polkadot co‑founder Gavin Wood has described a native stablecoin as strategically essential.