Thanks @Pinotio.com and @MilaRioja for the above, the information is super helpful! I wanted to provide some additional information here on launching new cStables for the community and share some links that can assist.
CeloConnect Links
At Celo Connect, Alberto and Volpe spoke about how to think about successfully launching new stablecoins and the work that is going on to simplify government proposals. I’ve clipped specific sections but would encourage watching the entire video.
Successfully launch new stablecoins:
Stablecoins refactoring:
Stablecoin Checklist
When launching new Stablecoins, here is a checklist for a successful launch:
- Use cases: Are there clear end-to-end use cases from users interacting with exchanges to using them with specific merchants? These use cases should be robust as while we dont want to hamper innovation, having stablecoins worth $100K do not help usability for the ecosystem.
- Partner Integrations: Are there wallets and exchanges that have (or will) integrated to support this new stablecoin? Users need a way to on/off ramp.
- Liquidity: Is there enough liquidity to support this stablecoin and ensure it does not get depegged? (The Celo Foundation can help here.)
- Parity: With Mento, these currencies should be in parity with their respective currencies.
- Yield: Do users have the ability to draw yield on this new stablecoin? There needs to be an incentive for users to hold this stablecoin.
- Marketing: Are there marketing initiatives to support this new launch and drive awareness amongst users? This is critical in a world of many coins to ensure users are aware.
To @MilaRioja 's point, launching a new Stablecoin should entail all elements of the above, and not just the creation of the cStable for it to be successful.
How to add a new Stablecoin (tech docs)
Other considerations
In the event proposals fail (due to some portion of this checklist not completed), we should work to isolate the task in question and find ways to address before re-submitting the proposal. For example, if liquidity commitments are not secured we can work to accelerate this task before resubmitting.
In the unlikely scenario that a newly launched coin has its liquidity drop significantly, is delisted and we (as a community) decide to remove this coin, there would likely need to be some changes to the smart contract to support this.
Timeline
In total it will take ~4 months to complete the checklist. The bulk of the work is not necessarily technical but more so the supporting tasks from partner integrations, liquidity, and marketing initiatives.
cLabs view on stablecoin roadmap
At cLabs we are currently exploring other stablecoins that we can help launch. Based on the feedback from Celo Connect and the forum posts, we are currently exploring and gathering use cases for key strategic and social impact markets like the Indian Rupee, Great British Pound, Mexican Peso, and Colombian Pesos. Any additional use cases you have for these or other markets please share!
Reach out with any feedback or questions, we’re happy to help!
Thanks,
-Nimit
Product Manager, cLabs