Frax Finance

Author(s)

GMO Trust

Summary

Proposal to add the ZUSDFRAXBP to the FXS gauge controller.

• Curve Pool Link
• Pool Type: Factory pool FraxBP Metapool
• Tokens: ZUSD and FraxBP LP
• GMO Trust (ZUSD Issuer) (stablecoin.z(dot)com/company/)
• ZUSD Website (stablecoin.z(dot)com/zusd/)
• Twitter (twitter(dot)com/GMOTrust)
• Etherscan (etherscan(dot)io/token/0xc56c2b7e71B54d38Aab6d52E94a04Cbfa8F604fA)
• Monthly Transparency Attestation Reports (stablecoin.z(dot)com/attestation/)
• Technical Audit github(dot)com/trust-zcom/gmotrust-stablecoin-contract/tree/master/audit_reports)
• Whitepaper (stablecoin.z(dot)com/assets/pdf/Whitepaper.pdf)
• Fee Schedule (stablecoin.z(dot)com/fee-schedule/)
• Github (github(dot)com/trust-zcom)

Background and Motivation

This pool needs incentivization because the DeFi ecosystem would greatly benefit from increased diversity of fiat-backed stablecoin options. There are effectively only three viable options: USDC, USDT, and USDP. Two out of the three are under the jurisdiction of the US, which poses real systematic risks in the current regulatory environment. Though ZUSD is incredibly thorough with its regulatory policy (with permits and licenses to operate and serve US customers), GMO Trust is firmly part of a Japanese company.

• ZUSD is a fiat-backed stablecoin with 1:1 redeemability with a total supply of 16,132,265.
• ZUSD is currently tradeable on these decentralized exchanges: Uniswap and Curve pools.
• ZUSD engages market makers and trading desks such as Hudson River Trading, GSR, Keyrock, JST Digital, and Profluent.
• GMO Trust Company is a subsidiary of GMO Internet Group, an Internet service industry leader, developing and operating Japan’s most widely used domain, hosting & cloud, e-commerce, security, and payment solutions. The Group also includes the world’s largest online FX trading platform, as well as online advertising, Internet media, and cryptocurrency-related services. GMO Internet Group, Inc. (TSE: 9449) is headquartered in Tokyo, Japan.
• GMO Trust Company connects traditional finance and blockchain for everyone. We are issuing GYEN, the world’s first regulated Japanese YEN-pegged stablecoin, and ZUSD, the new digital dollar. Established in 2020, GMO-Z.com Trust Company was granted a limited-purpose trust charter by the New York State Department of Financial Services and is a subsidiary of the financial and IT conglomerate GMO Internet Group from Japan.

Vote

• For: Add ZUSD/FRAXBP Curve pool to FXS gauge controller
• Against: Do nothing