MIM CEX Support / Native Small Fee Chain Transfers

I’m sure many of you have seen, USDC has rolled out natively on avalanche recently, and this morning, crypto.comM has enabled C-chain native transfers for USDC bypassing the ETH gas fee problem that was a big barrier for small CEX users actually migrating to the blockchain themselves.

  1. How do we convert this USDC to MIM as it comes on chain while never holding the USDC ourselves? The goal is to limit the USDC prevalence on chain for the safety of everyone.

I know DEX’s (ie Sushi) could serve this purpose but it seems like there is a risk there too for Sushi stakers if the exposure gets too large from lots of people migrating their money and USDC being the only option right now.

Maybe we could have a bridge that exists purely for conversion of any asset into MIM as part of abracadabra’s protocol for those that want to transact purely in MIM for maximum decentralisation/security? The assets that we don’t want backing this swapped MIM (USDC) could be exchanged for something else like FRAX or other decentralised stable currencies?

  1. How do we get adoption of MIM by CEX’s and Native transfers to the retail user oriented chains (FTM, POLYGON, AVALANCHE, HARMONY).

USDC is a centralized currency and therefore presents a risk to users when circle is inevitably strong armed by their suit and tie overlords. We should be pushing hard to show users there is a safer alternative that gives them real ownership over their money. It’s much harder to strong arm a bunch of smaller CEX’s than one single company that issues USDC. This Pseudo decentralisation is important for MIMs longevity as crypto adoption increases in the future.