Polkadot community proposes native dotUSD stablecoin in OpenGov vote

  • Polkadot's dotUSD proposal recorded 97.5% governance approval in the latest report.
  • DOT rose 11.35% in 24 hours before retreating from $1.282.
  • Long liquidations reached about $305.57K, compared with $42.38K in short liquidations.

Polkadot OpenGov is voting on Referendum 1944 to establish dotUSD as the network's native decentralized stablecoin and primary stable-value instrument. A latest market report put governance approval at 97.5%, slightly below an earlier displayed tally of 97.6%, while the referendum remains in its decision period without a final outcome. The proposal would initially mint dotUSD one-for-one against USDT and seed a DOT/dotUSD pool with a proposed $5 million allocation, before adding DOT-backed vaults, liquidations and redemptions. DOT rose 11.35% over 24 hours as the proposal gained attention, but its advance stalled at $1.282. Seller dominance in the 90-day Futures Taker CVD and about $305.57K in long liquidations added pressure during the retracement, with $1.044 identified as key support and $0.946 as the next lower support level.

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