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Following
DOT Polkadot dotUSD stablecoin launches: What's the difference?
According to official posts on platform X, Polkadot's dotUSD stablecoin will be officially launched on October 8, 2026. The network emphasized that the stablecoin has no issuing company and does not have a single point of control, but is governed by the DOT DAO through OpenGov (Open Governance).
This release is seen as a breakthrough in the current market landscape, so Polkadot's news focus is on the governance level. The post pointed out that most of the stablecoins currently on the market worth more than US$250 billion are issued and controlled by a few companies. Just like banks, these companies decide who can hold them. In this update from Polkadot, dotUSD is described as a stablecoin belonging to the network.
Who controls Polkadot stablecoins when no company issues them?
The answer is token holder. The dotUSD stable coin launch follows the "Proposition 1944" referendum on dotUSD: Polkadot's native stable coin. According to Proposition 1944 records, the vote ended with about 98.5 percent support. About 4.63 million tokens voted yes, while about 70,800 voted no.
The Polkadot Community Foundation submitted only the proposal, and its responsibilities do not include deploying, operating or holding dotUSD. Any future changes will be made through the OpenGov governance process, with token holders making joint decisions.
How dotUSD works on Polkadot: What happens after casting?
Rollout is performed in stages. The proposal points out that the first phase has been completed and put online.
Phase 1: Starting with USDT
Users can use USDT to cast dotUSD in a 1:1 ratio until the supply limit is reached. There is no need for price booms, coffers or clearing mechanisms at this stage. It allows applications to start using dotUSD before the rest of the system is complete.
Phase 2: What role does DOT play in this?
The second phase will introduce DOT-backed vaults, oracle machines, stability pools, clearing mechanisms and redemption systems. Users will lock in native tokens and mink dotUSD with a value lower than the value of the collateral. This will ensure that Polkadot's native stablecoins remain overcollateralized. The project party stated that this stage depends on further development and governance.
This design is also closely related to Polkadot's token economics. The proposal connects dotUSD to the dollar budget under the Network Dynamic Allocation Pool and a supply cap of 2.1 billion DOT.
DotUSD Price and Liquidity: How deep is the pool?
Polkadot dotUSD 旨在锚定 1 美元。初始流动性来自 Polkadot 国库。提案拨出 250 万美元的 USDT 用于铸造 dotUSD，并拨出 250 万美元的 DOT 以在 Asset Hub（资产中心）上为 DOT 和 dotUSD 交易池提供种子资金。
该资产也被标记为“足值”（sufficient），这意味着 Polkadot dotUSD 可以单独存在于钱包中。目前尚未公布 dotUSD 经过验证的真实交易价格或供应量数据，因此锚定目标是目前唯一确认的价格参考。
dotUSD 上线后 DOT 价格走势：数据显示了什么？
截至目前，基于 Polkadot 最新新闻和市场数据，走势并未向上。10 月 8 日和 9 日的市场报告显示，Polkadot 价格在 1.03 美元至 1.16 美元之间波动。
DOT 在过去 24 小时内下跌了约 4% 至 6%。这一跌幅伴随上线出现，但没有任何数据显示上线导致了这一下跌。LiveDOT USD 图表显示了当前的报价。
专家观点：什么可能决定 dotUSD 的推进？
数据表明，这首先是一个治理里程碑，其次才是一个市场事件。第一阶段仍然依赖由公司发行的 USDT，这与“无发行商”的信息并存，且提案将第二阶段视为更完整的设计。
主要的不确定性在于需求。供应设有上限，使用情况取决于应用程序是否采用 dotUSD。在第二阶段，原生代币价格的急剧下跌将考验金库系统。提案本身也指出了这种反射性风险。
需要关注的关键数字包括供应上限、Asset Hub 上的池子深度以及第二阶段的 timeline（时间表）。投票参与度也是一个重要指标。投票记录显示，支持力度约占 DOT 总发行量的 0.11%。
结论
Polkadot dotUSD 已正式上线，但它最初是一个有供应上限、由 USDT 支持的产品，而由 DOT 支持的完整系统尚未到来。此类稳定币举措正在塑造今天的加密货币新闻，接下来的步骤现在交由 DOT DAO 决定。
