About
PEPEUSD is an unbacked NFT stablecoin.
PEPEUSD uses NFTs to represent different denominations of stablecoin bills, similar to how physical cash has different bill sizes ($1, $5, $10, etc.). When you send money to someone else, the smart contract will automatically break out the bills into smaller units in order to send the exact amount. After transactions, the system automatically consolidates your remaining balance into the largest possible bills. This keeps your wallet organized with the most efficient combination of bills as your stack gets fatter.
Presale
PEPEUSD will be available for presale on the Ride NFT platform in the next few weeks.
How It Works
PEPEUSD is based on an ERC1155 modification we are calling 'Denominational' NFTs. Denominationals have two transfer functions. You can transfer specific bills, or you can transfer an amount of PEPEUSD itself. The contract will automatically choose the bills you own to spend.
You can check your total balance at any time, and the system maintains it across all your different bill denominations. It's like having a wallet that automatically organizes your cash into the most convenient denominations.
For safety, when sending PEPEUSD to other smart contracts, the system automatically converts the amount to atomic units first. This prevents bills from getting stuck in contracts that don't know how to handle them.
Other use cases for ERC-718D ("denominationals") include game items that automatically condense into new units, like sticks into a kindle, or any NFT involving a progression system across multiple items.