Polymarket reportedly considering issuing its own stablecoin to control platform USDC reserve yields

Sources familiar with the matter reveal that the crypto prediction market platform Polymarket is evaluating the possibility of launching its own stablecoin, with the aim of controlling the revenue generated by the high reserve funds backed by Circle's USDC. Currently, the platform has not made a final decision and is also weighing a revenue-sharing agreement with Circle. Since the Polymarket ecosystem is closed, it only needs to achieve the exchange between $USDC and its customized stablecoin, without facing the compliance challenges of "deposit and withdrawal," making the issuance of stablecoins more feasible in terms of technology and regulation. With the recent passage of stablecoin-related legislation in the United States, issuing stablecoins has become a new profit point in the eyes of crypto companies and traditional financial institutions. During the US election last year, the betting amount on the Polymarket platform reached $8.00B, and the number of visits in May reached 15.90M. Currently, the company is seeking to return to the US market by acquiring the US exchange QCEX. Previously, Polymarket faced civil and criminal investigations for allowing US users to bet, which have now been closed. [Odaily]