Polymarket has announced plans for a major upgrade and a new stablecoin ahead of a U.S. expansion later this year.
On social media, the prediction market said that it will launch a new USDC (CRYPTO: $USDC) backed stablecoin called “Polymarket USD” in the coming weeks as part of an overhaul of its trading platform.
The overhaul, described by the company as a “full exchange upgrade,” will also include a rebuilt trading engine and updated smart contracts.
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By developing its own stablecoin, Polymarket appears to be aiming for tighter control over settlement and liquidity on its prediction market, say analysts.
Prediction markets enable people to bet on the outcome of real-world events, from sports contests to wars and elections.
Polymarket’s upgrade comes as the company and its prediction market are under increasing scrutiny from politicians and the courts, with several U.S. states filing lawsuits against it.
States claim that Polymarket operates an illegal gambling operation. There have also been controversies over geopolitically themed bets and accusations of insider trading.
Despite the controversies, Polymarket is planning a major U.S. expansion this year. The company is currently valued at $20 billion U.S.
Polymarket is privately held, meaning that its stock doesn’t trade on a public exchange.