Stargate DAO voting to reduce exposure to Multichain-issued stablecoin

The Stargate DAO is voting on a proposal to lower its exposure to a stablecoin created by the Multichain protocol — in light of its ongoing situation — and to isolate pools containing the asset from its other pools. The Stargate DAO is the governance system for the Stargate bridge, a means of transferring assets from one blockchain to another using the LayerZero protocol. The bridge operates through pools of funds stored on each chain.

The Stargate bridge connects the Fantom blockchain to seven other blockchains. On each of these chains are pools of funds containing the anyUSDC stablecoin, which was issued by Multichain and is a commonly used stablecoin on Fantom. The proposal seeks to disconnect the Fantom pools from Stargate’s other pools and lower exposure to the stablecoin. On Twitter, unverified rumors have surfaced that the team was arrested in China. In a group Telegram message with the Multichain team, Multichain’s VP of Strategic Partnerships, who goes by Mog, replied that he didn’t know whether the leadership team had been detained by Chinese authorities.

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