Krisztian Sandor is a reporter on the U.S. markets team focusing on stablecoins and institutional investment. He holds BTC and ETH.
to Sky, announced a new version of its $5 billion stablecoin DAI but crypto enthusiasts weren't impressed.
The new token called USDS apparently has a piece of code that would allow the issuer to remotely freeze the asset, observersThe feature exists in the largest stablecoins of centralized issuers like Circle's USDC and Tether's USDT. They often freeze assets linked to illegal activities at the request of government authorities, like Tetherlast week by aiding the U.S. Department of Justice in the seizure of $5 million of USDT for fraud victims.
However, the feature goes against crypto's decentralized ethos that MakerDAO pioneered at its launch and rattled many decentralized finance enthusiasts.the existence of the freeze function but explained that it's an option built into the code and won't be switched on when the token goes live next month.that"upgrading to USDS is optional, and it is only USDS that will have a freeze function.
"A major decentralized stablecoin should both be governed by its users and able to comply with legal systems," he added."PureDai will be a reasonable alternative offering for skeptics."to craft a purely crypto-backed, decentralized stablecoin referred to as PureDAI.
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