ADR 0010: Issuer-neutral stablecoins
Context
Section titled “Context”African payout liquidity is heavily USDT; Western senders and most anchors lean on USDC; euro senders want EURC; regional issuers such as MGUSD matter in the markets that use them. A ledger that understands one issuer forces the customer to convert before Corridor can see the money, and shuts out anchors that settle in anything else.
Decision
Section titled “Decision”Every stablecoin is a first-class asset. DIGITAL_ASSETS lists USDC, USDT, PYUSD, MGUSD and EURC with the fiat each tracks (pegOf: EUR for EURC, USD for the rest). Observers, transfers and the ledger book each in its own asset, and nothing is silently treated as interchangeable.
USDC is the hub’s unit of account (ADR 0001), and converting into it is an explicit stellar.pathPayment leg over Stellar’s own order books, with its own bookings. The planner produces that edge; the leg implementation is not written yet.
Consequences
Section titled “Consequences”- A customer’s ledger covers whatever its anchors settle in, without a conversion at the edge it cannot see.
- Conversions are legs, never an implicit 1:1, so a depeg shows up as a price rather than disappearing into a rounding line.
- This is only safe because the issuer is part of the asset’s identity (ADR 0007): several stablecoins can be first-class precisely because none can be confused with another.
- MGUSD, PYUSD and USDT have no issuer configured in code yet, so they are recognised as assets but cannot be transacted until a verified issuer is set.
Alternatives rejected
Section titled “Alternatives rejected”- One canonical stablecoin everywhere: forces a conversion at every edge and excludes anchors that hold anything else.
- Treat all USD stablecoins as one asset: hides depeg and liquidity risk, and breaks exact reconciliation the moment two of them move in the same flow.