The launch of MinsCoin not only provides a new way for residents to interact with local whitelisted businesses and projects but could also shed light on how technology can be used to steer social interactions, economic participation, and solidarity within communities.
The Polish town of Mińsk Mazowiecki has announced the launch of MinsCoin, a stablecoin that can be spent at local businesses. The stablecoin was launched alongside UrbanChange, a platform for launching USDC-backed stablecoins for use in local cities. According to the protocol, this is one of “Europe’s first-ever blockchain-based LocalCoin programs”.
UrbanChange co-founder Micheal Mazur revealed that as many as 10 local businesses will accept MinsCoin payments at launch, with more expected to come on board. The token is designed to serve as “shopper-friendly money” and will circulate within Mińsk Mazowiecki.
“We’re building an innovative blockchain hub in Mińsk Mazowiecki,” the city’s mayor Marcin Jakubowski said. “UrbanChange is a major part of our plans, with its ability to engage our community and reach our goals in the fields of sustainability, health and wellbeing, and social activism.”
One of UrbanChange’s key partners is Israel-based Colu Technologies, which has been involved in app development for similar projects in a number of US cities. In Houston, residents can earn H-Points, Boston has Boston Points, while Utica has Halfmoons. MinsCoin is UrbanChange’s first launch in Europe where it plans to aid the launch of coins in more cities.
The project’s whitepaper states that communities interested in launching one of its LocalCoins can do so by depositing 5,000 UTCs (the protocol’s governance token) into a community vault. Community members can earn by taking part in projects or activities that have a positive social or economic impact locally. This could be a way for communities to incentivize healthier lifestyles, social activism or the use of public transport.
A post on UrbanChange’s X account last month announcing the project explained:
“These coins are awarded to community members for taking positive actions, resulting in enhanced community engagement and long-term behavioral change for a stronger and better community […] Mińsk Mazowiecki residents will be able to earn MinsCoins for taking positive actions such as walking more and volunteering. We’re excited to launch this program in collaboration with the City of Mińsk Mazowiecki.”
The launch of the MinsCoin stablecoin not only provides a new way for residents to interact with local whitelisted businesses and projects but could also shed light on how technology can be used to steer social interactions, economic participation, and solidarity within communities.
UrbanChange’s stablecoins are a result of several strategic partnerships, including collaboration with Algorand blockchain, USDC, and Wallet-as-a-service provider Magic. According to the protocol’s development roadmap, there are plans for deployment on Ethereum layer-2 solutions like Base.