List Wormhole USDT and USDC in the money market
This proposal, if approved, will add the Wormhole versions of USDT (asset 23) and USDC (asset 21) as money market reserves, so stablecoins arriving from Ethereum and other Wormhole-connected chains can be supplied and borrowed on Hydration directly.
Execution will:
- list Wormhole USDT and USDC with the same parameters as the existing USDT and USDC reserves: LTV
80%, liquidation threshold 90%, liquidation bonus 3%, reserve factor 10% and the same interest rate curve, priced by the existing USDT/USD and USDC/USD oracles
- set a supply cap of
2,000,000 and a borrow cap of 1,000,000 on each reserve
- add both reserves to the Stablecoins eMode category
- register the new aTokens as
aUSDT (asset 1023) and aUSDC (asset 1021) and accept them as fee payment assets
- rename the stablecoin registry entries so each version is identifiable, with all tickers unchanged:
- assets
10 / 22: Tether (Polkadot) / USDC (Polkadot)
- assets
23 / 21: Tether (Wormhole) / USDC (Wormhole), unchanged
- assets
1000767 / 1000766: Tether (Snowbridge) / USDC (Snowbridge)
- aTokens
1002 / 1003: Supplied Tether (Polkadot) / Supplied USDC (Polkadot)
- aTokens
1023 / 1021: Supplied Tether (Wormhole) / Supplied USDC (Wormhole)
- register router routes between the new reserves and every other reserve for liquidations and fee pricing, and enable the new aTokens in the intent solver
As a growing portion of our liquidity originates from outside the Polkadot ecosystem, with liquidity and volumes within Polkadot drying up and on/off-ramping of stablecoins persisting as a major barrier to growth - it is critical that we reduce friction for liquidity as much as possible.
Follow-up referenda will create new H-Pools containing these assets and add them as collateral assets within the HSM.