The document discusses the need for stablecoins in the crypto market and proposes a solution to the current issues surrounding them. It highlights the limitations of the traditional banking system and how stablecoins can offer a more efficient way to move between USD and crypto. The author proposes the creation of a new product, NakaUSD (NUSD), a token worth 1 USD but does not require the services of the fiat banking system. This would be managed by a Decentralized Autonomous Organization (DAO) and would involve the issuance of a governance token, NAKA.
- Consider the creation of NakaUSD (NUSD): A token that is worth 1 USD but does not require the services of the fiat banking system.
- Establish a Decentralized Autonomous Organization (DAO): This organization would manage the NUSD and would exist both in the legacy legal system and as a crypto native DAO.
- Issue a governance token, NAKA: This token would be used for voting on operational matters such as who the member exchanges are.
- Address the risks associated with the member exchange losing Bitcoin: The document suggests that the initial sinking fund and subsequent sales of NAKA governance tokens can help address any capital shortfalls.