According to CoinMeta, Wu said that the Polkadot community foundation has submitted a governance proposal to Polkadot DAO, aiming to launch a protocol-native decentralized stablecoin called dotusd and to use it as the main stable value asset for Polkadot. dotusd will be launched in phases; the first phase has already completed on-chain development, allowing users to mint and redeem dotusd at a 1:1 ratio using USDT. The second phase will introduce an over-collateralized treasury, oracles, a stability pool, and a liquidation mechanism, with the overall design drawing inspiration from Liquity V2. The proposal also proposes that the Polkadot treasury provide $2.5 million in USDT and DOT worth $2.5 million to provide initial liquidity for the DOT / dotusd pool. Currently, this proposal is still in the voting decision stage.