I am running the Daml Finance reference app GitHub - digital-asset/daml-finance-app. Assuming the the CashProvider is trusted as a stablecoin issuer and can issue new stable coin holdings at will, what would be the priocess for issuing a new stablecoin? Just wondering how to create the instrument for it. I guess it should be a generic instrument, but I’m not sure where to start.
For stablecoins you can use the simple Token instrument. To introduce a new stablecoin (eg. a new currency) you can use the provided factory to create the instrument.
To then create actual holdings for such stablecoin you can directly credit an investor’s account. Typically, this would be done as part of some workflow, where eg. the investor requests a deposit, does a fiat transfer (off-ledger) to the stablecoin provider, who then credits their account accordingly. You can find a basic version of such workflow in the Custody service in the app.
Hope this helps.
1 Like