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DOT Polkadot 推出 dotUSD 稳定币：初期依赖 USDT，未来承诺完全去中心化
Polkadot 近日推出了其新型稳定币 dotUSD，并将其描述为一种“背后没有发行公司”的资产。此次发布定于 10 月 8 日进行，标志着该网络致力于解决当前高达 2500 亿美元稳定币市场中存在的中心化担忧。
当前阶段完全依赖 USDT 储备
尽管 Polkadot 声称提供了一种新模式，但 dotUSD 的第一阶段 rollout（推出）实际上作为 Tether USDT 的包装版本运作。用户可以按 1:1 的比例铸造 dotUSD，这意味着每一美元的 dotUSD 都由储备中的一美元 USDT 直接支持。这种模式目前反映了 Polkadot 声称希望避免的中心化结构。
这一分阶段推出遵循治理提案 1944，该提案详细说明了用户如何通过存入 USDT 来铸造 dotUSD，直至达到预定的供应上限。这种方法在初始阶段将 Tether 的代币置于 dotUSD 稳定性的核心位置。
为了启动交易，Polkadot 金库通过其资产中心（Asset Hub）向 DOT-dotUSD 池注资以提供流动性。早期草案分配了 250 万美元的 USDT 和 250 万美元的 DOT 进入该池，总计 500 万美元。随后的修订将这两个金额均降低至 150 万美元，建立了一个 300 万美元的启动池。
The Polkadot Community Foundation, which submitted the proposal, said it only plays an administrative role and does not issue, operate or custody dotUSD, DOT or USDT.
Dictionary:
Polkadot Community Foundation: A non-profit organization that promotes Polkadot's blockchain ecosystem governance and development initiatives.
Glossary:
·stablecoin (Stablecoin)
·Supporting Assets (Backing Asset)
·Issuer (Issuing Authority)
·First stage upper limit (Phase One Cap)
· dotUSD: USDT, none (management only, non-issuance), defined by proposal
· USDT: USD Reserves and Equivalents, Tether Limited, Not applicable
Initial model conflicts with decentralization claims
dotUSD's governance proposals have previously warned against relying on centralized stablecoins such as USDT and USDC. These issuers retain the ability to freeze assets, deny access to wallets or blacklist addresses-often in response to government requests, and users have little recourse.
Despite this warning, the current stage of dotUSD exposes users to the same risks. Every dollar of dotUSD is a direct claim on USDT reserves, which means that if Tether freezes the relevant wallet, the value and liquidity of dotUSD will also be affected.
These concerns outlined in theproposal, particularly the ability of centralized issuers to freeze or block user funds, now apply directly to the first phase of dotUSD, as it relies entirely on USDT reserves.
Tether's freezing activities are well documented. During one of the 30-day windows, Tether reportedly froze $514 million in USDT at 370 addresses on Ethereum and Tron. As of 2025, the cumulative amount of blackouts exceeds US$1.26 billion.
Freezes imposed on wallets are rarely lifted, and Tether's intrusive powers are currently facing legal challenges. On October 6, payments company Conduit sued Tether in federal court in New York, claiming that a $2.76 million freeze had allegedly locked its main account for more than a year. Conduit alleges that the freeze occurred despite Brazilian police confirming that no investigation had been carried out on the address. Subsequently, two Thai businessmen filed a lawsuit over $42.4 million in USDT, which was reportedly frozen based on informal enforcement requests before any subpoenas were issued. Tether dismissed the lawsuits as baseless and highlighted its cooperation with more than 340 law enforcement agencies.
Community waits for the second phase of decentralization
dotUSD's decentralization vision remains a future goal. In its next phase, dotUSD aims to transition to a model backed by the DOT mortgage pool, backed by oracle, stability pools, clearing mechanisms, and redemption mechanisms. However, the exact date for this upgrade has not yet been determined.
Since co-founder Gavin Wood mentioned the project at the Web3 Summit in July 2025, discussions about a stablecoin fully supported by DOT have been circulating in the Polkadot community. Until the actual implementation of the second phase, dotUSD's decentralization promise has not yet been fulfilled.
For now, dotUSD operates as a packaged USDT token, with users directly exposed to the risks associated with Tether reserves. A transformation of the agreement to leverage DOT collateral is still under development, and a release date for the second phase has not yet been announced.
