This is today’s professional diversion: The Ripio exchange has just launched its own USD stable coin, UXD. It utilizes LaChain, which is currently a permissioned blockchain focused on Latin-American users. The native coin is LaCoin (LAC). We cannot resist our proclivity for security auditing!
We just took a quick look at the UXD smart contract token source code. Even though it is a simple ERC20 token inheriting from OpenZeppelin, there are a few points to take into account:
- It is pausable
- It uses draft-ERC20PermitUpgradeable.sol, even though ERC20PermitUpgradeable.sol is already available
It’s always important to highlight that with pegged stable coins, the story never ends with a simple ERC20 token. There are other critical components in the architecture, such as DeFi oracles. Another critical point is the integration with the CeFi world: are the coins fully or fractionally pegged? How frequently are their balances audited?
