ATOM holders can now mint stablecoin IST

Inter Protocol is launching its IST minting application on the Agoric chain


Satheesh Sankaran/Shutterstock modified by Blockworks


Agoric, a blockchain network built on Cosmos, aims to empower developers in building DeFi applications using JavaScript. The Inter Protocol application, operating on the network, has launched its new minting application called Vaults.

Inter Protocol is a decentralized application on Agoric. It is an application layer that is responsible for implementing the Inter Stable Token (IST), a native stablecoin on the Cosmos network. 

Dean Tribble, CEO of Agoric, noted in a press release reviewed by Blockworks that Vaults will offer an alternative way to mint stablecoins “setting decentralized tokens apart from their fiat-backed equivalents.”

“Fully functioning Vault systems allows crypto collateral holders to leverage their assets and fulfill their demand for IST, which in turn contributes to the Agoric economy through fees,” Tribble said.

IST itself is similar to Maker DAO’s DAI — a decentralized stablecoin pegged to the US dollar. 

Blockworks Research analyst David Rodriguez said IST has the opportunity to become a premier decentralized stablecoin in the Cosmos ecosystem. 

“With the ability to mint IST using ATOM collateral, it reinforces the idea of ATOM as the reserve currency of the Interchain,” Rodriguez said.

With their initial application, the Parity Stability module, users could deposit price-stable assets such as USDC, USDT and DAI and mint IST at a 1-to-1 ratio. With Vaults, users are now able to mint IST with the ATOM token.

These assets will be used as collateral for IST, and users will be able to reclaim their deposits at any time in exchange for their minted IST. 

Vaults is currently overseen by a committee elected by the Agoric community. This committee is responsible for evaluating and approving new collateral and ensuring that IST remains pegged to the dollar. 

On top of the committee, IST also has its own liquidation system and oracle build.

IST’s decentralized oracle network consists of five experienced chainlink node operators and is managed by Simply Staking. Liquidation is triggered when the Vault’s collateral-to-debt ratio dips below the protocol’s preset safeguard.

Zaki Manian, the director of the Decentralized Cooperation Foundation (DCF), said these new components will continue to improve the scalability of IST. 

“The liquidation system and price oracle build on the foundations established with the Economic Committee and PSM operations,” Manian said.

Updated June 28, 2023 at 6:50 pm ET: Added information about the Parity Stability module.

Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.

The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.


Upcoming Events

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Screenshot 2024-05-23 091855.png


Bitcoin L2s aim to boost scalability while preserving decentralization and security, unlocking a better user experience, and new avenues for Bitcoin-powered innovations. However, no existing Bitcoin L2 leverages the full security of Bitcoin.



As part of the #Breakout2024 plans, Radix has introduced Token Trek


House members ask Gensler to keep a “consistent and equitable approach” with ether ETF proposals after the agency approved spot bitcoin ETFs in January


Using old-world instruments to address crypto user experience challenges goes against what this industry set out to do


And, weeks of a potential crypto ETF decision are no stranger to chaos


The FIT21 Act marks the second crypto-focused piece of legislation to advance in Congress this month


More than half of Solana transactions fail