Technical overview 3.0

$USa and $USb have been fully developed according to specs. They were developed directly on-chain for native functionality using Golang and the CosmosSDK. This means that they can be regularly updated, improved, patched, iterated upon and are under node governance.

Likewise, $USm, $USs and $USc will have all their functionality developed natively. This is in line with our ethos of iterating on designs, a possibility out of reach for Smart Contracts, which have to regularly migrate all their liquidity from one place to another, making iteration complicated and even undesirable.

Given this, a lot of how all 5 stablecoins work will likely change, with respect to descriptions in this document. For instance, taking advantage of on-chain always-on voting can lead to developing a Stop/Go voting mechanism for $USa, or caps might be implemented or lifted. Parameters can be tweaked, and new ideas can be introduced.

The decentralized stablecoin field is still young, with plenty of space for improvement and development. These facts must be hard-coded into their implementation, into our culture and our community.

Given that $USm, $USs, and $USc are still to be developed, user stories and code herein apply exclusively to $USa and $USb.

Although $USa and $USb codes will be audited before Maya’s fair launch, economic audits might take longer, and it will be the decision of our community to leave $USa and $USb in standby mode until our stablecoin suite is more solid. $USb can also be turned on before $USa and others to make sure it works as intended, both technically and economically, before the rest of the suite comes online.

User Stories:

1. $USa

• As a user, I want a liquidity-sensitive fee implemented for expatriating and repatriating $CACAO between Maya and Aztec, so the Treasury has funds to keep my investment safe.

• As a user, I want 90% of seigniorage burnt to leave more room for $CACAO re-minting during $USa sell-off events. I also want 10% to go to the treasury, so it has funds to keep my investment safe.

2. $USb

• As a user, I want to be able to mint $USb by burning $USa or other stablecoins in a non-reversible way.

• As a $USb owner, I want to receive interest payments in $USb, regardless of whether I’m staking $USb or not.

• As a $USb owner, I want to be able to stake and unstake my $USb at will.

• As a $USb staker, I want to receive my share of $CACAO pay downs. I need the treasury to have a way to fund the Bond Reserve for these payments to take place.

3. Translate Bifröst

• As a user, I want to be able to bridge my stablecoin liquidity to other external assets through an Aztec Yax Bridge to Maya.