One of the biggest challenge for non-USD stablecoins is not that that their demand doesn’t exist, it’s that they are volatile in nature. As someone who has been constantly working on fx on chain this entire year, and keeps deploying multiple currencies on chain daily, it is a genuine issue. For example: 2 days back I’d deployed a XSGD @StraitsX and USDC @circle pool with a range of 1: 1.3045-1.3065 (A 20 wick) pool. A day later I saw the entire pool drained out of XSGD because the price of XSGD moved out of the range and arb bots swapped out the entire XSGD and left USDC in the pool. I got hit with IL. This means either I need to correlate the pool with live rates or I will keep losing to IL and on the other hand keep generating fees but this is the same classic issues where if IL> Fees generated I keep losing money. The other issue is, you are not able to estimate the actual returns for yourself because of the price fluctuations. There is a big pool deployed for Polymarket enabling them to still receive USDC.e against USDC deposit and there I can easily estimate the returns because the pair is a stable one and IL is negligible. So the fees and returns can be calculated. This triggered a conversation last night with a good old friend who helps us deploy liquidity on chain for the non USD Stablecoins. I mean @0xPolygon captures more than 50% of non USD volumes so it’s kind of important for us to solve for it. Spent the night trying to solve for it and I feel I am pretty close to a point where: You can deploy a non USD stable pair and still can get a stable yield, you are hit with IL but the mechanism enables to get back that IL and hence brings a stable estimated yield and makes it possible for everyone to start deploying more liquidity on-chain. You are not ready for non-USD currencies coming on chain at the quantum they would come if we are able to solve it for everyone.