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'Over-Collateralization Can Help Mitigate the Risk of Stablecoin Depegging' — Pendulum CTO
April 07, 2023
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Despite being touted as a game-changing innovation, the decentralized finance (defi) ecosystem is still not connected to fiat rails largely because of regulatory and compliance issues, Torsten Stuber, the CTO at Pendulum says. According to Stuber, the defi ecosystem will succeed in getting more traditional financial institutions on board once “a substantial amount of liquidity needed to facilitate efficient trading” is in place.

Defi’s Perceived Lack of Regulation a Barrier to Adoption

In addition, Stuber, whose firm uses the Polkadot blockchain to bring fiat networks to the decentralized finance ecosystem, suggested increased education and awareness as the other ways defi proponents can bring traditional financial institutions on board.

The Pendulum CTO also shared his views on central bank digital currencies (CBDCs), and their benefits and likely risks to defi. In written responses sent to Bitcoin.com News Stuber also explained why the integration of CBDCs into defi systems is something that goes against the very essence of decentralization. The CTO also explained why having more collateral could be a solution to the problem of stablecoins depegging during extreme market events.

Below are Stuber’s responses to the questions sent by Bitcoin.com News.

Bitcoin.com News (BCN): The foreign exchange market is believed to be a more than $6 trillion market that runs on the infrastructure built by traditional financial institutions. Some have suggested that forex trading based on decentralized finance (defi) can potentially improve the efficiency of, or access to, this market. However, for this to happen, some argue that the defi space needs to be developed further. To help readers understand why defi is potentially a game changer, can you briefly define decentralized forex trading and how this could potentially benefit traditional businesses, fintechs, or even traders?

Torsten Stuber (TS): Decentralized forex trading refers to the process of conducting foreign exchange transactions on a decentralized platform, typically built on a blockchain network. By leveraging smart contracts and automated market makers (AMMs), decentralized forex trading aims to improve the efficiency, transparency, and accessibility of the traditional forex market.

To be more specific, I particularly want to stress the following advantages. First, decentralized forex trading will lower transaction costs by eliminating intermediaries. Second, blockchain-based platforms record all transactions on a transparent distributed ledger – this can help minimize market manipulation and fraudulent activities. Third, traditional forex markets operate within specific trading hours, depending on the region, whereas decentralized forex trading platforms function round-the-clock, allowing businesses and traders to conduct transactions anytime and anywhere; even more, they facilitate seamless cross-border transactions, bypassing geographical restrictions. Finally, the cryptographic principles underlying blockchain technology provide a more secure infrastructure for conducting forex transactions.

The integration of smart contracts enables the creation of customizable, automated financial services, such as specialized forex automated market makers (AMMs), lending protocols, and yield farming opportunities. This can unlock new revenue streams for fintechs and traditional businesses. By integrating traditional forex markets with DeFi applications, Pendulum aims to create a shared financial infrastructure that bridges the gap between centralized and decentralized finance.

(BCN): Despite boasting advantages over conventional finance, the defi ecosystem is still not as connected to fiat rails as some would have liked. What do you think are some of the reasons for this state of affairs?

TS: Connecting fiat rails to Defi presents several challenges, which have limited the widespread adoption of a decentralized forex. One of the most important challenges is regulatory and compliance issues: Defi platforms typically operate in a decentralized, permissionless manner, which can create uncertainty in terms of regulatory compliance. As traditional financial institutions are subject to strict regulations, bridging the gap between fiat and Defi ecosystems requires addressing these concerns and ensuring adherence to applicable laws and regulations, such as AML/KYC requirements.

Furthermore, there are liquidity concerns. On-chain forex requires a substantial amount of liquidity to facilitate efficient trading and reduce price slippage. However, attracting liquidity from traditional forex markets to Defi platforms remains a challenge, as many institutional investors are still hesitant to venture into the crypto space.

The complexity of Defi platforms and the lack of understanding around their potential benefits may deter traditional businesses from engaging in on-chain forex activities. Increased education and awareness are needed to promote its adoption.

To overcome these obstacles, Pendulum aims to build a blockchain platform that combines traditional finance with Defi. By addressing regulatory concerns, enhancing liquidity, improving technological capabilities, and promoting education, Pendulum can help to establish a shared financial infrastructure for on-chain forex.

BCN: It can be argued that one of the main challenges that traditional finance companies face when trying to adopt or incorporate defi is the perceived lack of regulation. In your opinion, is it possible for traditional financial institutions to be able to interact with defi platforms without finding themselves on the wrong side of regulations?

TS: Traditional financial institutions can adopt Defi while maintaining compliance with regulations by focusing on a few strategies. One of the most important activities is to proactively collaborate with regulators: engaging in open dialogue with regulatory bodies can help to better understand the evolving regulatory landscape and ensure that any interaction with Defi platforms complies with applicable laws. Proactively working with regulators can also help shape future policies that facilitate a smooth integration of Defi into the traditional financial ecosystem.

Additionally, Tradfi [traditional finance] companies should adopt strict anti-money laundering (AML) and know-your-customer (KYC) procedures when dealing with Defi platforms. Another strategy is to collaborate with established and compliant Defi providers – these partnerships can help develop compliant Defi solutions tailored to the needs of traditional finance companies.

I would also recommend that institutions invest in training programs to educate their employees about Defi, its potential benefits, and associated regulatory challenges. This knowledge can help organizations make informed decisions and navigate the regulatory landscape more effectively.

BCN: On the topic of central bank digital currencies (CBDCs), proponents of the assets have often touted such digital currencies as better alternatives to privately created or issued coins. Some of these advantages are the ability to trace funds which allows authorities to target criminals that move funds via the traditional financial system. However, the same CBDCs come with risks that are not palatable to defi users. In your opinion, what do you think are some of the biggest risks associated with CBDCs for defi users and what degree of anonymity or traceability should these central bank-issued digital currencies ideally offer?

TS: Central Bank Digital Currencies (CBDCs) present both opportunities and risks for DeFi users. The main difference from decentralized assets is that they are issued and controlled by central banks. For that reason, they are subject to strict regulatory oversight and may involve extensive monitoring and data collection. DeFi users may face new regulatory requirements or restrictions when using CBDCs on DeFi platforms, or they may face the potential loss of privacy compared to using cryptocurrencies. CBDCs, by nature, are centralized currencies. The integration of CBDCs into DeFi systems could introduce centralized points of control and potentially weaken the decentralized nature of these platforms, impacting the core principles of DeFi.

Regarding the degree of anonymity or traceability of CBDCs, a balance must be struck between ensuring user privacy and enabling sufficient traceability to prevent illicit activities such as money laundering and tax evasion. Central banks may choose to implement varying degrees of anonymity or pseudonymity for CBDCs, offering privacy for users up to a certain transaction limit or implementing tiered identity verification requirements based on transaction size or risk.

BCN: We recently had a few episodes of stablecoins depegging or disappearing totally and this has raised a lot of questions. As many have learned, extreme events often cause tokens that are pegged against local fiat currencies to lose their value. How would you ensure that the tokens pegged to local fiat currencies don’t depeg in extreme events?

TS: This very much depends on the pegging mechanism. We particularly support one-to-one fiat-backed tokens that can be freely on-ramped and off-ramped anytime and in a compliant manner by exchanging one unit of the fiat currency for one token and vice versa. For such tokens, the risk of de-pegging can be lowered by guaranteeing a frictionless and highly efficient off-ramping and on-ramping mechanism and creating user trust that such a mechanism will always be available (e.g., by proving that sufficient reserves are available).

For more complex stablecoin constructs, one should adopt a mix of strategies to mitigate risk. Stablecoins pegged to local fiat currencies should be adequately backed by a basket of diversified assets, such as cash or short-term government bonds. In the case of crypto-collateralized stablecoins, requiring over-collateralization can help mitigate the risk of de-pegging. By holding more collateral than the value of the issued stablecoins, the system can better absorb fluctuations in the collateral’s value and maintain the peg during extreme market conditions.

As a general principle, ensuring transparency and conducting regular audits can help build trust and credibility in the stablecoin’s backing assets and stabilization mechanisms. This transparency can help users monitor the token’s stability and make informed decisions, contributing to overall market stability.

BCN: Your firm is reported to have teamed up with Getpaid Africa to enable on and off-ramp connections between Pendulum’s defi network and East African currencies. Why did you choose the East African markets for this sort of initiative?

TS: African and particularly East African markets present a unique opportunity for such a partnership. East Africa has experienced rapid growth in mobile money services. This widespread adoption of digital financial services provides a solid foundation for introducing Defi solutions that can seamlessly integrate with existing mobile money platforms, making it easier for users to access and adopt Defi products. In addition, some East African countries have shown a relatively progressive and forward-looking approach to digital financial services and cryptocurrencies – this favourable regulatory environment can facilitate the adoption of Defi solutions.

There is high demand for innovative financial services. A significant portion of the population in East Africa remains unbanked or underbanked. By offering accessible Defi solutions, Pendulum and Getpaid.Africa can help promote financial inclusion for these underserved communities.

The East African region receives a substantial amount of remittances. Pendulum can help streamline remittance processes, reduce transaction fees, and provide faster, more secure cross-border transactions.

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Nation First outlines how the Israeli attack on Iran was planned by the Deep State and the Military Industrial Complex over 15 years ago.

Prepare to have your mind blown

~Namasté 🙏 Crypto Michael ⚡ The Dinarian

Dear friend,

What just happened in Iran wasn’t a surprise attack. It wasn’t a last-minute decision. It wasn’t even Israel acting alone.

It was a war plan written years ago — by men in suits, sitting in think tanks in Washington and New York. And yesterday, that plan was finally put into action.

Here’s the truth they don’t want you to know: this war was cooked up long before Trump ever became President — and it was designed to happen exactly this way.

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Israel launched a massive, unexpected strike on Iran. They hit nuclear facilities. They killed military generals. They struck deep inside Iranian territory — and now the whole region is on edge, ready to explode into full-blown war.

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Because we have the documents. They told us this was coming. Years ago.

Exhibit A: The Brookings Institution.

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“The United States would encourage — and perhaps even assist — the Israelis in conducting the strikes… in the expectation that both international criticism and Iranian retaliation would be deflected away from the United States and onto Israel.”

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George Christensen is a former Australian politician, a Christian, freedom lover, conservative, blogger, podcaster, journalist and theologian. He has been feted by the Epoch Times as a “champion of human rights” and his writings have been praised by Infowars’ Alex Jones as “excellent and informative”.

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The Possible Impact Of USDC On The XRP Ledger And RLUSD
Key Points
  • It seems likely that USDC on the XRP Ledger (XRPL) boosts liquidity, benefiting XRP, though some see it as competition for RLUSD.
  • Research suggests both stablecoins can coexist, enhancing the XRPL ecosystem.
  • The evidence leans toward increased network activity being good for XRP, despite potential competition.

The recent launch of USDC on the XRP Ledger has sparked discussions about its impact on the ecosystem, particularly in relation to RLUSD, Ripple's own stablecoin. This response explores whether this development is more about competition for RLUSD or if it enhances liquidity on the XRPL, ultimately benefiting XRP.
 

Impact on Liquidity and XRP

The introduction of USDC, a major stablecoin with a $61 billion market cap, likely increases liquidity on the XRPL by attracting more users, developers, and institutions. This boost can enhance DeFi applications and enterprise payments, potentially driving demand for XRP, the native token used for transaction fees. While some may view it as competition for RLUSD, the overall effect seems positive for the XRPL's growth.
 

Competition vs. Coexistence with RLUSD

USDC and RLUSD cater to different needs: USDC appeals to those valuing regulatory compliance, while RLUSD, backed by Ripple, may attract users preferring ecosystem integration. Research suggests both can coexist, increasing options and fostering innovation, rather than purely competing.
 

Detailed Analysis of USDC on XRPL and Its Implications

The integration of USDC on the XRP Ledger (XRPL), announced on June 12, 2025, by Circle, has significant implications for the ecosystem, particularly in relation to RLUSD, Ripple's stablecoin launched in 2024. This section provides a comprehensive analysis, exploring whether this development is more about competition for RLUSD or if it enhances liquidity on the XRPL, ultimately benefiting XRP.
 

Understanding RLUSD and Its Role

RLUSD, Ripple's stablecoin, received approval from the New York Department of Financial Services (NYDFS) in 2024 and is designed to be fully backed by cash and cash equivalents, ensuring stability. It is available on both the Ethereum and XRP Ledger blockchains, aiming to enhance liquidity, reduce volatility, and serve cross-border payments. With a current market cap of $413 million, RLUSD is smaller than USDC's $61 billion but has regulatory credibility, particularly appealing to institutions.
 

Impact of USDC on the XRPL

The launch of USDC on the XRPL is a significant development, given its status as the second-largest stablecoin by market cap.
 
Key impacts include:
  • Liquidity Boost: USDC's integration can attract more users, developers, and institutions, increasing overall liquidity. This is crucial for DeFi applications, as Circle's announcement emphasizes its use in liquidity provisioning for token pairs and FX flows.
  • Increased Utility: USDC enhances the XRPL's utility for enterprise payments, financial infrastructure, and DeFi, potentially making it more attractive for global money movement and transparent settlements.
  • Regulatory and Institutional Appeal: As a regulated stablecoin issued by Circle, USDC can bring institutional users to the XRPL, aligning with Ripple's goals for regulated financial activities.
  • Network Growth: Supporting a widely recognized stablecoin like USDC on 22 blockchains, including the XRPL, increases the network's visibility and adoption, potentially driving more activity.

Competition vs. Complementarity with RLUSD

While USDC's launch could be seen as competition for RLUSD, the evidence suggests a more nuanced relationship:
  • Competition: Both are stablecoins on the XRPL, and USDC's larger market presence ($61 billion vs. RLUSD's $413 million) might attract users and developers away from RLUSD. However, competition can drive innovation, such as lower fees or better services, benefiting the ecosystem
  • Complementarity: Different stablecoins cater to different needs. USDC appeals to users valuing regulatory compliance and widespread adoption across multiple blockchains, while RLUSD, backed by Ripple, may attract those preferring ecosystem integration and regulatory approval from NYDFS. The XRPL can benefit from having multiple options, increasing liquidity and fostering a diverse ecosystem.
  • Coexistence Benefits: Research suggests that having multiple stablecoins enhances liquidity and provides users with more choices, potentially leading to higher network activity. For example, institutions might use USDC for global payments and RLUSD for specific XRPL-integrated applications, creating a symbiotic relationships.

Impact on XRP

The introduction of USDC, alongside RLUSD, is likely beneficial for XRP, the native token of the XRPL, for several reasons:
  • Increased Liquidity and Activity: Higher liquidity on the XRPL, driven by both stablecoins, can increase transaction volumes. XRP is used for transaction fees, with some fees burned, potentially reducing supply over time and increasing demand.
  • DeFi and Enterprise Use Cases: Both USDC and RLUSD enhance DeFi and enterprise applications, such as liquidity pools and cross-border payments, which can drive demand for XRP as a settlement token.
  • Network Growth: A more liquid and active XRPL is more attractive to developers and users, potentially leading to long-term growth for XRP, as increased utility can drive its value.
Expert analyses, such as those from u.today and ledgerinsights.com, suggest the launch is a "massive boost" for liquidity and adoption, with RLUSD also playing a significant role.
 

Comparative Analysis: USDC vs. RLUSD

To further illustrate, consider the following table comparing key attributes:
 
Given the evidence, it is more accurate to view the introduction of USDC on the XRPL as beneficial for liquidity, which is ultimately good for XRP, rather than solely as competition for RLUSD. The XRPL benefits from increased options, with both stablecoins enhancing liquidity, utility, and network growth. While some competition exists, the overall impact is positive, fostering a robust ecosystem that can drive demand for XRP. This conclusion aligns with expert analyses and community discussions, acknowledging the complexity of the stablecoin market within the XRPL.
 

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