CGP-0103: Launch eXOF stablecoin

CGPs/cgp-0103.md

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+---
+cgp: 103
+title: Launch eXOF stablecoin
+date-created: 2023-9-29
+author: "Serge Kiema <sergek@dunia.africa>, Serge Ouedraogo <serge_o@dunia.africa>"
+Forum Post Discusssion: https://forum.celo.org/t/dunia-launching-exof-on-celo/6261/1
+
+---
+
+## Overview
+
+This proposal covers the last phase for the launch of eXOF.
+
+With this launch eXOF becomes the first African currency available on Celo. The goal is to onboard the next wave of local crypto users through a familiar and user-friendly stablecoin. With our launch partners we are making eXOF Available through OTC , mobile money and cash point across the XOF zone.
+
+In the region for which eXOF is designed, there is currently a boom in mobile money usage and this is in major part due to the introduction of agent networks. Following a similar model to mobile money, eXOF could be used to power a decentralized cash network where anyone could provide liquidity in Fiat or Crypto and earn a commission for allowing on/off ramping of eXOF at their locations or virtually. An off/on ramp can be anyone from Banks to small merchants in neighborhoods.
+
+A more detailed description of the motivation behind this launch can be [found here](https://docs.google.com/document/d/1kb_UmcOP6VuAUMUpn_emP86qjS5I48m-et6mj24VrgM/edit?usp=sharing). 
+
+An in-depth description of the governance proposal aimed at approvers and developers can be found in the [forum post](https://forum.celo.org/t/dunia-launching-exof-on-celo/6261/11).
+
+
+## Proposed Changes
+
+Check the [forum post](https://forum.celo.org/t/dunia-launching-exof-on-celo/6261/11) for a detailed description of the proposed changes.
+
+## Verification
+
+Check the [forum post](https://forum.celo.org/t/dunia-launching-exof-on-celo/6261/11) for a detailed description of verification steps.
+
+
+## Risks
+
+There are couple of risks factors to take into account when launching new stablecoin like eXOF :
+
+  - Risks associated with underlying collateral backing eXOF (EUROC in our case).
+  - XOF deviates from official peg to EUR;
+  - Data providers report the price that is different from the actual XOF/EUR exchange rate.
+
+In conjunction with the Mento team the contract changes have been thoroughly tested, in addition to putting tight limits and circuit breakers during the initial launch phase to protect the Mento Reserve and eXOF holders.
+
+
+
+## Useful Links
+
+- [CGP Forum Post](https://forum.celo.org/t/dunia-launching-exof-on-celo/6261/1)
+- [Dunia website](https://www.dunia.africa/)
+- [Details on eXOF](https://docs.google.com/document/d/1kb_UmcOP6VuAUMUpn_emP86qjS5I48m-et6mj24VrgM/edit?usp=sharing)