Stablecoins

What are stablecoin tokens?

Different types of stablecoins can be minted using Bluejay Protocol. These stablecoins are used as trackers to the value of different sovereign money. They can be used in the decentralized finance ecosystem as a substitute for actual sovereign money.
Similar to sovereign money, it can be a:
    Store of value
    Medium of exchange
    Unit of account
    Standard of deferred payment
Unlike sovereign money, it is:
    Backed by other assets (like USDC, DAI, etc) instead of the central banks
    Traded on decentralized exchanges
The value of the stablecoin is designed to closely follow that of the sovereign money. If the value of the sovereign money climbs in foreign exchange (or forex) market, the stablecoin would become relatively more expensive against similar assets on decentralized exchanges. If the value of the sovereign money descends in the forex market, stablecoin would become cheaper against similar assets on decentralized exchanges.

What are the stablecoins available?

At the moment, only Myanmar Kyat Tracker (MMKT) is available in the initial launch phase. Other stablecoins will be available after the initial launch of the MMKT.
You may look at the roadmap for more information on the schedule.

Where can I get the stablecoins?

There are multiple ways you can get the stablecoins.

1. Mint on Bluejay Protocol

Stablecoins are created only by pledging collateral and minting it from the Bluejay Protocol.
If you have assets on the Polygon Network, you can collateralize them to mint any supported stablecoins on the system.
If you have assets on the Ethereum Network, can bridge it over to Polygon Network first and then collateralizing and minting any supported stablecoins on the system.

2. Buy on Decentralized Exchange

Minted stablecoins are listed and traded on Decentralized Exchanges (DEXs) like Quickswap. You can buy them directly on the Polygon Network by swapping existing assets to them.

3. Buy from the community

Alternatively, if you do not want to deal with interacting with the different Decentralized Apps (Dapps), you may choose to buy the stablecoins directly from other members of the community.
The Bluejay team will look into methods to facilitate trusted P2P trades at a later date. Please exercise caution when dealing with other community members in the meanwhile.

What's the tokenomics of the stablecoin?

Details about the tokenomics of the stablecoins can be found here.
Last modified 2mo ago