Detailed Plan
Stable assets should be decentralized and issued by many different institutions. These institutions may have funds insured by the NCUA and FDIC. The Fed [offers auditing services](https://www.frbservices.org/financial-services/accounting/daily-statement.html) for these insured accounts. These audits can be made publicly available, and an oracle can compare the quantity of the tokens in circulation to the audited assets backing the token. When a person uses the stable token to make a payment, the smart contract mediating this payment can call the oracle to verify that the asset is in fact still backed and secure the transaction in validation.
I propose to develop a standard with the community that will allow us to audit assets and transact in stable assets from a variety of sources. This is to say that CD accounts will be located in/secured by the Federal Reserve Bank or the National Credit Union Administration. These organizations can provide daily balance statements. In effects, these entities can provide audits for a nominal fee. These audits can be published publicly and thus validate the legitimacy of any token on a given stable token registry. This enables a wallet to group assets based on the results of their audits. Wallets will be able to automatically reject or notify the user during a transaction when a token has failed its daily audit. Otherwise, instead of the user having to keep account of all of his or her stable tokens backed by numerous different banks and thus having various AssetIDs, the end user can simply draw from a secure bag of stable tokens in his or her wallet. The database will also be used to instruct the user on how to redeem the user's CD tokens for their corresponding share of the CD at the bank of issuance. Banks and Credit Unions will ultimately accept and redeem CD tokens issued by other banks and credit unions enabling the stable tokens to be used at ATMs and in other convenient contexts.
Perhaps this could be implemented in conjunction with the Cardano Foundation's [token registry](https://github.com/cardano-foundation/cardano-token-registry).
Success in 3 months would be to have a working system that has been released to the public. Success at 6 and 12 months will be rapid adoption.
In terms of funds, I do not have the time to implement this by myself. So, will have to hire a developer from the community for a few months. Thus, $10,000 will be payed for the duration of a 3-month contract. I am open to applications.
