xDollar Stablecoin
Crypto Overview
Purpose and Utility
xDollar Stablecoin (XUSD) is an algorithmic stablecoin designed to maintain a 1:1 peg with the US Dollar. It operates on the MultiversX blockchain (formerly Elrond) and aims to provide a stable medium of exchange for the MultiversX ecosystem.
Business Model and Operations
XUSD uses a collateral-backed model where users can mint XUSD by depositing supported cryptocurrencies as collateral. The protocol maintains stability through algorithmic mechanisms and collateralization rather than interest-bearing mechanisms.
Real-World Adoption
XUSD has seen limited adoption within the MultiversX ecosystem, primarily being used for trading and as a stable store of value. The stablecoin is integrated with several MultiversX-based decentralized exchanges and applications.
Platform Development
The project maintains active development, with regular updates to the protocol's smart contracts and stability mechanisms. The team provides transparent documentation and technical updates through their official channels.
Token Distribution
XUSD is minted and burned based on user demand and collateral deposits, rather than having a fixed supply controlled by founders. This model reduces the risk of founder enrichment schemes.
Crypto Impact
To assign a comfort level investing in xDollar Stablecoin from a halal perspective we need to determine whether it has a net positive or negative impact.
Towards this end, the table below is used to tally all the positive and negative considerations our members can think of related to xDollar Stablecoin.
If you don’t see something that should be listed, positive or negative, feel free to submit your own contribution using the button “Contribute”.
We will review your contribution for accuracy before publication.
Importantly, you can review listed contributions and vote on which one you think has the greatest impact, positive or negative.
You only have one vote per asset so use it wisely.
You can change your vote if you change your mind.