Was hoping to hear back from @ApeFi_Caesar, but there’s less than 12 hours left before this closes. I think a lending market for the ape community is a good idea, but I have concerns about a stablecoin that only uses $APE as collateral like they seem to be proposing here. Correct me if I’m wrong, but they did not say anything about it being collateralized with anything else as far as I remember.
A dao will still need to follow the laws of the countries it wants to operate in. Stablecoins are going to be toughly regulated in most countries. It looks like, at least in the US, there’s a good chance they will be very strict regarding who issues them, have bank-like regulations, and need to be backed by conservative assets. I expect other major countries to follow suit. If ApeUSD becomes illegal in major markets, the majority of ApeCoin holders will not be able to use a lending market based of it.
Figuring out how to to make a new stablecoin compliant will not be an easy task imo. It needs to be very well researched and planned out. I don’t have faith in this team to do this. They only responded to questions once, and that was after several days. And there is no way to hold them accountable once they receive the money. The person who made this proposal’s twitter account was made in April 2022 and they only have 142 followers. There’s nothing to stop them from disappearing.
(unrelated, but I like your idea of a multisig wallet for this)