Solana cofounder toly: a base-layer stablecoin should be built that can only be frozen with authorization from the court

Gate News message, April 13, Solana co-founder toly commented on the recent controversy surrounding Circle USDC’s freezing mechanism, saying the industry needs a base-layer stablecoin that will only freeze under court orders. He emphasized that if it can be frozen for reasons other than the judge’s authorization approved by the U.S. Senate, then it is not a true dollar stablecoin. toly suggested that each protocol (such as Drift, Kamino) should issue wrapper stablecoins with their own freezing and unfreezing strategies on top of the base-layer stablecoin, and that they should also be equipped with a security team truly responsible for handling hack incidents, while having independent freezing and unfreezing strategies. It is reported that after the Drift protocol was hacked recently, Circle did not freeze the stolen USDC in time. Circle CEO Jeremy Allaire’s remarks about a “moral dilemma” and its freezing policy sparked widespread community discussion about centralized stablecoin freezing mechanisms.