Indigo Protocol Expansion into multiple stablecoins (iEUR, iYEN, iCNY, etc..)

Ardana set out with an ambitious and forward-thinking goal: to create a FOREX stablecoin market of synthetic currencies through collateralized-debt-positions. This vision was founded on the belief that leveraging blockchain technology could democratize access to digital currencies worldwide, presenting opportunities for financial inclusion and growth in underserved regions.

As Ardana rugged us and is no longer pursuing this objective, I believe that Indigo Protocol - already proven successful and robust with its synthetic iAssets creation through collateralized debt positions - is excellently positioned to inherit and fulfill this vision, which is needed so much and was originally very well received by the Cardano community and beyond.

Proposal Overview
This temperature check proposal suggests that Indigo Protocol expands its synthetic iAsset offerings, transcending the current single currency (iUSD), to initiate a FOREX stablecoin market on Cardano through it’s iAssets and further stablecoins to come into the Cardano ecosystem.

Proven track record: Indigo Protocol has proven to be a reliable and efficient platform for synthetic iAsset creation. Its successful operation signals its readiness to handle the more diverse, complex operations required by a multi-currency stablecoin market.

Global financial inclusivity: Incorporating Ardana’s original vision into Indigo would enable Indigo to make further significant strides towards global financial inclusivity. By providing access to a range of stable, synthetic currencies, more individuals and businesses around the world could participate in digital economic activities, thus fostering global growth and prosperity.

Mitigate currency risk: Introducing a variety of synthetic currencies would allow users on the Cardano blockchain to hedge against currency risk, a feature of high appeal to many investors and traders who might otherwise be exposed to the volatility of a single currency or are forced to use USD although it is not their native FIAT currency.

Technological progression: This move would solidify Indigo Protocol as a leader in the Cardano ecosystem and potentially beyond, pioneering a multi-currency stablecoin market that fully capitalizes on the decentralized and transparent nature of blockchain technology.

More Protocol Revenue: An expansion of synthetic assets will also result in a larger user base. More users interacting with different synthetic assets will increase the protocol fees generated, leading to increased revenue for the Indigo protocol. This additional revenue can be used to reinvest in the protocol, further enhancing its development and success.

Getting started:
If this really get’s approved by the community, we should probably add further currencies step by step, starting with the most traded currencies world-wide. → iEUR, iYEN, iCNY, etc…

What do you think? :slight_smile:

Best regards,


Hey Bastian ! As a user i think this is an important step into mass adoption and can allows us to bring new asssets for the people that are interested into. It means that Cardano could be used from european, american, chinese and many more countries as their “reference” currency. Adding more TradFi currencies is, in my opinion, the best way to democratize crypto and in particularly Cardano.

I would vote ‘yes’ if we go further.


I like the idea!

The important thing that is holding it back, might be the implementation of the oracle(s)?


Indeed, I think in general the idea is good, however I am not sure what can be used as a reference for the rate. As far as I understand iUSD is pegged to an (weighted) average product of USD stablecoins (USDT, USDC, BUSD…) on-chain. To have iEUR, iJPY, iGBP you need to have those stablecoins on blockchain or configure a new source of data from the fiat markets directly (via Oracles). Not sure where the team is at with this.

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There is good justification for a forex Stablecoins market.
I do think there is alternative way of such a market rather than fragmenting the iUSD market.
marginalisation of other currencies via USD as base would increase the depth by allowing the other forex pairs to be traded. no idea how this can be work out currently yet though


I an excellent idea.
In addition to diversifying into stablecoin synthetics, we will disclose the Cardano network.


Also, how are we going to incentivize all those iAssets? I think the next step is to add collateral types and work on rehypothecation of deposits.

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We collateralize with real world assets/commodities.

This may sound like a great vision… However, that would presume that each iAsset are really stable… some thoughts

  1. I have not been a big fan of existing proposal (mainly on MRC) for stabilizing iUSD pair, but putting my opinion aside, a stronger peg would be a prerequisite to move in that direction
  2. it may raise challenges from a regulatory point of view as it will draw a lot more attention to the protocol… would be good to focuse first on more regulatory friendly currencies either if a regulatory framework exists i.e one has emerged for EU, while china has starting cracking done on crypto. How much the protocol is currently resistant to censorship ?
  3. it may make a lot of sense, while dexes may be moving to stableswap upgrades such as minswap in 2024…
  4. it is still very much a trading tool, but we definitely miss use cases for such stablecoin across the ecosystem… what is the intrinsic value of a forex which have as a single point of entry ADA if underlying currencies does not have any other function than being traded?
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in general i think this is a great idea @Bastian_SHARE

Generaly you must include stable coins in the net because this way, for now you communicate with the world