Key Metrics
3.11
Heat Index-
Impact LevelLow
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Scope LevelNational
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Last Update2025-07-23
Key Impacts
Positive Impacts (4)
Event Overview
On June 23, 2024, Polymarket, a blockchain-based prediction platform, is considering options to increase profits, including issuing its own stablecoin or signing a USDC sales sharing contract with Circle. The platform saw $8 billion wagered during the U.S. presidential election last year. Issuing a stablecoin could allow Polymarket to earn interest from reserves, while a USDC deal would involve revenue sharing with Circle.
Event Timeline
Polymarket Considers Issuing Own Stablecoin or Signing USDC Sales Sharing Contract to Enhance Profits
On June 23, 2024, blockchain-based prediction platform Polymarket is reportedly exploring two options to increase its profits: issuing its own stablecoins or signing a USDC sales sharing agreement with Circle. Polymarket has seen substantial betting activity, with $8 billion wagered during the U.S. presidential election last year. By issuing its own stablecoins, Polymarket could use the reserves to earn additional profits such as interest. However, because USDC is already used for betting within the platform, it is also considering a sales sharing contract with Circle, which currently has similar agreements to increase USDC market share. A Polymarket official told CoinDesk that the platform has many stablecoins tied up inside and is interested in generating profits from them. The official noted, "Since it is a closed environment, even if you issue stablecoins, you can use them only inside the platform and use USDC or Tether when withdrawing. It's very easy to make, safe, and simple to control." Polymarket was recently valued at $1 billion in the process of raising $200 million in investment. Additionally, it partnered with xAI, founded by Elon Musk, to become an official forecast market partner for X (formerly Twitter) and xAI.