Integrate flexUSD, a stablecoin issued by CoinFLEX.com as a basket asset (bAsset) to the basket for mUSD.
This community proposal requests an additional stablecoin token, flexUSD, be represented in the mUSD mStable asset (mAsset) basket.
flexUSD is an ERC20 token minted by stakers on the CoinFLEX.com platform. flexUSD is minted (and redeemed) as a 1:1 conversion to/from USDC. flexUSD is the first interest bearing stablecoin that pays interest at the base level.
This is achieved by deploying the USDC that was minted into the CoinFLEX repo market which earns yield by borrowers, lenders and crypto delivery using this repo market and paying basis fees every 8 hours to the other side of the transaction.
The current bAssets underlying mUSD are USDT, USDC, TUSD, and sUSD. This proposal would add flexUSD as a 5th asset.
- Diversify mUSD basket exposure with another stablecoin (flexUSD)
- Increase demand for mUSD from flexUSD holders
- Increase swap fees with flexUSD as an additional mUSD basket asset
- Current flexUSD yields of 10+% APY returns additional yield into SAVE
- Sustainable yield that has been around for 50 years and will be around for at least that time again as it is generated by real underlying commercial activity and basis in the underlying derivatives markets.
- flexUSD yields are subject to variation as its sustainable yield is generated via repo activity by borrowers, lenders and traders who are physically delivering crypto.**
- Add flexUSD
- Do not add flexUSD