Withdraw ₳4,000,000 for Expanding Stablecoin / Cardano Native Asset Support...
147 DReps voted · 55 with a rationale · 5 changed their vote · 5 re-voted unchanged
Open a row to read the rationale.
Changed votes: 5 to yes, together voting with 83.4M ₳ of voting power.
- Yes5.7M ₳No rationale
- Yes5.7M ₳No rationale
- YesRevoted5.5M ₳Rationale
Though the requested amount is substantial, I acknowledge the need to bolster our stablecoins and enhance on- and off-ramp tooling. Considering the projected cost-effectiveness and the team's expertise, I will support the withdrawal.
Earlier votes
Yes1y agoSuperseded
Though the requested amount is substantial, I acknowledge the need to bolster our stablecoins and enhance on- and off-ramp tooling. Considering the projected cost-effectiveness and the team's expertise, I will support the withdrawal.
- Yes5.5M ₳No rationale
- Yes5.3M ₳Rationale
This proposal addresses key bottlenecks in Cardano adoption: stablecoin liquidity, fiat ramps, and institutional custody. It delivers critical infrastructure to boost homegrown stablecoins adoption like USDA and USDM.
The vendors commit to reinvesting earnings into Cardano liquidity and adoption incentives. The deliverables directly enhance DeFi participation and enterprise utility. STORM Partners supports this high-leverage, infrastructure-focused initiative. - No5.1M ₳No rationale
- Yes5.1M ₳No rationale
- Yes4.9M ₳No rationale
- No4.8M ₳Rationale
Emurgo can use their genesis ADA for market making USDA ecosystem.
Emurgo can use their genesis ADA for market making USDA ecosystem.
- Yes4.6M ₳No rationale
- Yes4.5M ₳No rationale
- YesChanged4M ₳History
Earlier votes
No1y agoSuperseded
- No3.9M ₳No rationale
- Yes3.6M ₳No rationale
- Yes3.5M ₳Rationale
Crucial for Cardano DeFi
- No3.5M ₳No rationale
- No3M ₳Rationale
This is a high risk proposal that is requesting community funding for a service that is for profit and should be getting funding from investment, a token sale, or from service fees instead of a community donation.
If exchange platforms wish to have community funding, then they should be also offering the community a portion of their company in exchange for the requested ADA to offset the high risk of this proposal.
- Yes2.7M ₳No rationale
- Yes2.7M ₳Rationale
カルダノ・ネイティブ資産（特にUSDA）のカストディ・取引所・法定通貨連携の課題に直接取り組む実務提案であり、ステーブルコイン流通のボトルネック解消に貢献すると評価します。明確な提携候補・取組対象が示されており、ユーティリティ拡張の戦略的投資として賛成します。
This proposal addresses key infrastructure gaps preventing broader adoption of Cardano-native assets like USDA, focusing on custodian support, exchange listings, and fiat on/off ramps. With clear objectives and named partners, I support it as a strategic step toward real-world utility expansion.
- No2.5M ₳Rationale
I don’t consider this proposal important enough for the Cardano ecosystem to warrant funding from the treasury. It feels more like an investment pitch. Why should the ecosystem fund a closed, private project? On top of that, it uses vague phrasing like “expanding native asset support in wallets” — why be so abstract?
- Yes2.5M ₳No rationale
- No2.5M ₳Rationale
This is a large ask for a private company. I realize this is not Emurgo anymore so they dont have the genesis ada bank at their disposal. With USDA and USDM at basically the same market cap it seems unfair to pick a single winner at this time. If we could instead invest in both with liquidity and not private funds I would get behind that. The Treasury is supposed to fund public goods.
- No2.3M ₳No rationale
- No2.2M ₳No rationale
- Yes2.1M ₳No rationale
- Yes1.9M ₳No rationale
- Yes1.9M ₳No rationale
- Yes1.7M ₳No rationale
- Yes1.6M ₳No rationale
- Yes1.6M ₳Rationale
Voting Yes. Cardano native assets still lack proper support beyond our ecosystem, and stablecoin adoption remains low. This proposal addresses key infrastructure gaps such as custody, exchange access, and fiat ramps that will help make Cardano native assets more accessible.
- Yes1.6M ₳Rationale
I decided to vote ✅ YES on 37 treasury withdrawals, ➖ ABSTAIN on none, and ❌ NO on 2 treasury withdrawals from the Intersect 2025 budget.
It’s obvious I consider all proposals I approved in the budget vote on Ekklesia beneficial for Cardano, so those all receive a ✅ YES vote.
I also vote ✅ YES for most proposals I initially abstained from or voted against in the Ekklesia vote. There are a few reasons for this:
- Some proposals gained strong community support after all, so I don’t want to be the one standing in the way, especially when the requested amount is negligible in the bigger picture.
- Some proposals I actually liked, but I found them more suitable for Catalyst. However, with all the delays, it now makes more sense to fund them as soon as possible.
- Some didn’t get my initial support because I thought the requested amount was too high. But I now believe it’s better for the ecosystem to fund them, despite the larger budget, than not fund them at all.
- I needed to vote for budget proposals with my own NCL in mind. Not all those I approved made it, however, so that leaves some room for other ones.
I won’t approve the treasury withdrawal for two proposals:
❌ Withdraw ₳3,000,000 for High-yield RWA Asset for Cardano: Tokenized Real Estate
This proposal won’t bring much value to our ecosystem, imho.❌ Withdraw ₳1,500,000 for Complement Catalyst: Extended Quadratic Funding---Zero Operational Costs
While the proposal includes some interesting ideas for a fairer voting mechanism, I now support Catalyst and don’t see the need for an additional funding system at this moment, especially considering total spending. The requested amount also seems too small to meaningfully fund multiple projects. While the model relies on donations, it’s unclear what the donor incentive is. Since voting power is tied to donation size, why wouldn’t donors just support specific fundraisers run directly by the projects they care about? That way, they can ensure their contribution goes straight to their preferred initiative without needing it to win a vote first.
I do appreciate the idea of a hybrid funding model where the treasury covers part of a project, but ideally, the remaining portion should come from investors rather than donations, imho.
Lastly, I don’t appreciate that the proposal’s title refers to Catalyst, even though it has no relationship to it. This seems intended to mislead people into thinking Catalyst would benefit from this proposal, which it doesn’t...I acknowledge there’s a metadata issue in the proposal “Withdraw ₳45,217 for MLabs Core Tool Maintenance & Enhancement: Cardano.nix”, but I approved it nonetheless, as the problem is minor and not worth obstructing the process.
- Yes1.4M ₳No rationale
- Yes1.3M ₳Rationale
A couple of months ago, I supported the resolution to bundle all of the Intersect Budget Proposals into 1 or 2 formal on-chain governance votes.
Each of these proposals has already received 50% or greater support from the active DReps in the ecosystem, and I will honor that prior decision.
A PDF version of this rationale is also made available.
A couple of months ago, I supported the resolution to bundle all of the Intersect Budget Proposals into 1 or 2 formal on-chain governance votes.
Each of these proposals has already undergone extensive scrutiny and received 50% or greater support from the active DReps in the ecosystem, and I will honor that prior decision and the work these prospective developers have put in by voting yes on all the proposals from the Intersect Budget team.
- No1.2M ₳No rationale
- Yes1.2M ₳No rationale
- YesRevoted1.2M ₳Rationale
I vote YES for this Treasury Withdrawal as it directly addresses multiple critical gaps in Cardano’s adoption roadmap: lack of institutional custody for native assets, limited fiat ramps in frontier markets, and weak real-world utility of stablecoins.
This proposal funds practical infrastructure improvements—including custodian integration, USDA expansion to CEXs and OTC desks, and cost-effective on/off-ramps in LATAM, Africa, and Asia. It aligns well with the ₳275M ecosystem budget previously approved and fulfills constitutional treasury requirements.
Stablecoins and fiat access are essential for DeFi growth, remittances, and enterprise use cases. This initiative unlocks real utility, boosts liquidity, and improves Cardano's competitiveness in the global financial system.
Vietnamese
Tôi bỏ phiếu YES cho đề xuất rút ngân quỹ này vì nó giải quyết trực tiếp những hạn chế quan trọng đang cản trở quá trình mở rộng của Cardano: thiếu hỗ trợ lưu ký cho tài sản gốc, hạn chế trong việc chuyển đổi ADA sang tiền pháp định tại các thị trường mới nổi, và việc stablecoin chưa được ứng dụng nhiều vào đời sống thực tế.
Đề xuất này sử dụng ngân sách để phát triển cơ sở hạ tầng thiết thực – bao gồm tích hợp với các dịch vụ lưu ký tổ chức, mở rộng USDA lên các sàn giao dịch và bàn giao dịch OTC, đồng thời cung cấp các giải pháp on/off-ramp chi phí thấp tại Châu Phi, LATAM và Châu Á. Điều này hoàn toàn phù hợp với ngân sách hệ sinh thái ₳275 triệu ADA đã được phê duyệt và tuân thủ các quy định trong Hiến pháp.
Stablecoin và kết nối với hệ thống tài chính truyền thống là chìa khóa để thúc đẩy DeFi, thanh toán xuyên biên giới và tăng trưởng thực tiễn của Cardano. Đây là bước đi đúng đắn để tạo ra tác động thực tế và bền vững.
Japanese
この財務引き出し提案に賛成票を投じます。なぜなら、カルダノの拡大を妨げているいくつかの重要な課題（ネイティブ資産のカストディ不在、新興市場での法定通貨との換金性の低さ、ステーブルコインの実世界ユースケースの不足）に直接対応しているからです。
本提案は、BitGoやZodiaなどとの統合によるカストディサポートの強化、USDAを中心としたステーブルコインのCEX/OTC上場、アジア・アフリカ・LATAM向けの低コストフィアットオン/オフランプの提供など、具体的なインフラ構築に資金を活用します。これは、事前に承認された₳2.75億のエコシステム予算に沿っており、カルダノ憲法にも準拠しています。
ステーブルコインと法定通貨との連携は、DeFiの拡張、送金、実社会での採用に不可欠です。この提案は、カルダノの実用性と世界的な競争力を高める大きな一歩です。
Earlier votes
Yes1y agoSuperseded
- No1.2M ₳No rationale
- Yes1.1M ₳No rationale
- No1.1M ₳Rationale
I am voting No. While stablecoins are important for ecosystem utility, this proposal appears to primarily benefit a single company. Treasury funds should be used to build public goods and open systems that serve the entire ecosystem—not to subsidize the growth of individual businesses.
- No1.1M ₳Rationale
The proposal deals with real problems: liquidity, custody, fiat ramps, but it does so in a way that looks like a big public grant for the expansion of a private company. The amount requested is too much without supporting transparency at this time and given that there are similar efforts ongoing elsewhere in the Cardano ecosystem. There is a high risk of duplicated effort, vendor lock in and no ecosystem impact. The Treasury is supposed to fund public goods, not underwrite the go to market costs of one stablecoin issuer or ramp provider.
Let's see more evidence of open infrastructure deliverables, competitive costings, and clear non-duplication before we spend millions of ADA on what smells like a vendor subsidy. Cardano needs public goods infrastructure, not a private market share wars funded out of the Treasury.
- Yes951.2K ₳No rationale
- Yes929.9K ₳No rationale
- Yes927.7K ₳No rationale
- Yes888K ₳No rationale
- Yes884.5K ₳No rationale
- Yes796.1K ₳Rationale
We need some positive traction on stablecoin liquidity and on/off ramps to fit in with a broader context of regulation rework in the US that has put quite a bit of attention on this area. I appreciate the possibility of success having a positive return back to the Treasury.
- Yes742.6K ₳No rationale
- No636.4K ₳Rationale
I prioritized funding open-source tools and proposals that I believe will most effectively support Cardano’s long-term growth. I voted in favor of the highest-priority items that fit within my preferred budget cap of 250 million ADA, abstained from proposals where I may have had a personal interest, and voted NO on all remaining proposals after reaching that budget limit.
- Yes604.7K ₳Rationale
This proposal addresses critical infrastructure gaps that currently limit Cardano's competitive positioning in the rapidly expanding stablecoin and digital payments market. The absence of institutional-grade custody solutions from major providers like BitGo and Fireblocks creates significant barriers to exchange listings, institutional adoption, and capital attraction for Cardano-native assets including USDA.
The initiative strategically targets four fundamental bottlenecks constraining ecosystem growth through expanding wallet and custodian support, increasing exchange and OTC desk availability, driving real-world utility beyond crypto trading, and building cost-effective fiat on/off-ramps in frontier markets. These interventions directly address the underrepresentation of Cardano's seven-hundred-million-dollar DeFi ecosystem in centralized exchange trading and institutional investment flows.
The focus on emerging markets aligns with Cardano's mission to provide financial infrastructure in underserved regions while leveraging the platform's low-fee structure for cross-border payments, remittances, and enterprise settlements. Current fiat ramps charging five to seven percent fees versus one percent for local bank transfers create substantial barriers that this proposal addresses through alternative payment rails across seventy-plus countries.
The team's combined fifty years of experience across leading financial institutions including Paxos, Western Union, Citibank, and major cryptocurrency exchanges provides proven capability in navigating regulatory requirements, building compliance frameworks, and scaling global payment networks. Their track record in stablecoin liquidity management and institutional adoption demonstrates competence essential for executing complex financial infrastructure projects.
Market expansion through USDA pairs on centralized exchanges, NEO banks, and OTC desks significantly enhances liquidity while creating trading opportunities that benefit the entire ecosystem. Integration with real estate developers, remittance companies, and payment processors expands utility beyond cryptocurrency trading into practical financial applications that drive mainstream adoption.
The governance framework including legally binding contracts, delivery milestones, external audits, and oversight by trusted entities ensures accountability while the vendor's commitment to reinvesting earnings into Cardano liquidity and adoption incentives aligns interests with long-term ecosystem success.
Supporting this proposal strengthens Cardano's position in the competitive stablecoin market while building essential financial infrastructure that enables broader participation in decentralized finance and real-world payment applications. The deliverables directly enhance utility for homegrown stablecoins like USDA and USDM, creating sustainable advantages that benefit users, developers, and the broader Cardano community through improved accessibility and market presence. - Yes591.1K ₳No rationale