KaspaDollar (@KaspaDollar) has announced plans to build a decentralized stablecoin on the Kaspa network (@kaspaunchained) $KAS, with a funding target of 5 million KAS. The initiative is led b
KaspaDollar (@KaspaDollar) has announced plans to build a decentralized stablecoin on the Kaspa network (@kaspaunchained) $KAS, with a funding target of 5 million KAS. The initiative is led by core developer @asaefstroem.
The team intends to launch an overcollateralized stablecoin, a design in which the value of the assets backing the token exceeds the value of the tokens issued. The aim is to reduce Kaspa DeFi's reliance on assets issued on other networks, giving the ecosystem a dollar-denominated asset native to its own base layer.
The funds raised would cover development, independent auditing, research and launch operations. According to the KaspaDollar website, the campaign is collecting KAS donations to fund the development, audit and launch.
Contributions will be refunded if the target is not reached by January 1, 2027.
The team says recent network developments, including the Toccata hard fork, have expanded what can be built on Kaspa. Kaspa has historically been positioned as a fast proof-of-work payments network. Reporting by KuCoin News said the Toccata upgrade was completed on June 30 and added smart contract functionality along with support for KRC-20 tokens.
Coverage from Coin Alert News described the upgrade as one of the most significant technical changes since Kaspa's launch, turning the network from a payments-focused chain into a programmable Layer 1. It also cited native KRC20 token issuance, SilverScript covenant programming and zero-knowledge verification opcodes as the key additions, which widen the scope for DeFi applications.
A native stablecoin would be an early test of that new capability. Stablecoins are a core building block of most DeFi ecosystems, and Kaspa has so far lacked a decentralized option issued on its own network. Whether the project reaches its 5 million KAS goal before the January 1, 2027 deadline will determine if development moves ahead.
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