The Dollar for the Decentralized Nation
We believe a decentralized economy needs a fully decentralized and stable currency. That's why we created USPD or US Permissionless Dollar. USPD build on three core principles:
Transparent & Secure
Your funds are overcollaterized in stETH, secured by smart contracts and transparently verifiable at all times.
See USPD in Action
Watch co-founder Thomas demonstrate how to mint your first USPD and learn why our protocol is built for security and reliability.
Mint USPD Instantly
Convert your ETH to USPD in seconds. Start earning yield immediately with our secure, permissionless minting process.
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Key Features
Transparent On-Chain Reserves
Anyone can publicly verify the protocol's health and collateralization at any time as USPD holds all reserves on-chain in stETH.
Sovereign & Unstoppable
As a non-custodial and permissionless protocol with no tradfi exposure, USPD is immune to freezing, guaranteeing you complete, unrestricted access and control over your assets at all times.
Native Yield for Holders
Every USPD you hold is collateralized in stETH. The native yield of staked ETH generates a sustainable, native yield. This yield is passed directly to you as long as you hold USPD, allowing your capital to remain productive.
Over-collateralized for Market Stability
Every USPD is over-collateralized by a minimum of +25% of third-party Stabilizers' funds, ensuring the system can withstand market fluctuations to maintain its peg.
Abstracted Risk Management
The protocol abstracts volatility risk from the holder to third-party Stabilizers. This design removes the need for you to actively manage your own collateral positions.
Protocol Safeguards
In a severe market crash, USPD holders have priority access to the collateral as Stabilizer positions are being liquidated. An insurance fund offers an additional layer of security for your funds.
USPD vs. other Stablecoins
See what makes USPD different from other existing Stablecoins
 USPD |  USDC |  DAI |  FUSD | |
|---|---|---|---|---|
| Decentralized | Yes | No | Yes | No |
| Transparent Reserves | Yes | No | No | Yes |
| Independent from Banks | Yes | No | Yes | No |
| Sovereign & Unregulated | Yes | No | No | Yes |
| Native Yield | Yes | No | No | No |
How it Works
Minting USPD by depositing ETH, and redeeming it by burning, works just like other stablecoins. But that's where the similarities end. USPD is built on three core pillars that set it apart: Radical Transparency, Unmatched Stability, and Effortless Native Yield.
1. Transparency
1. Transparency
Radical Transparency
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2. Stability
2. Stability
How USPD Stays Stable
Unlike other stablecoins that require you to manage your own debt position, USPD uses a pooled collateral model. All collateral is shared across the entire system, creating a single, robust buffer against market volatility.
Stabilizers provide this excess collateral and can earn up to 27% APY for protecting the system.
Learn more about Stabilizers3. Yield
3. Yield
How Native Yield Works
The underlying stETH collateral has historically provided a variable APY, typically ranging from 2.75% to 4%.
1. All ETH deposited is automatically converted into liquid staked ETH (stETH).
2. This stETH generates staking rewards, which increases the total value of the collateral pool.
3. This yield is passed directly to USPD holders. As the system earns, the value of your USPD grows. You don't need to do anything but hold USPD in your wallet.
In 5 years, your USPD could be worth between
$20,500 – $21,778
1. Transparency
Radical Transparency
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2. Stability
How USPD Stays Stable
Unlike other stablecoins that require you to manage your own debt position, USPD uses a pooled collateral model. All collateral is shared across the entire system, creating a single, robust buffer against market volatility.
Stabilizers provide this excess collateral and can earn up to 27% APY for protecting the system.
Learn more about Stabilizers3. Yield
How Native Yield Works
The underlying stETH collateral has historically provided a variable APY, typically ranging from 2.75% to 4%.
1. All ETH deposited is automatically converted into liquid staked ETH (stETH).
2. This stETH generates staking rewards, which increases the total value of the collateral pool.
3. This yield is passed directly to USPD holders. As the system earns, the value of your USPD grows. You don't need to do anything but hold USPD in your wallet.
In 5 years, your USPD could be worth between
$20,500 – $21,778
Use USPD Anywhere
USPD is built for a multi-chain world. Seamlessly bridge your assets and leverage the power of a truly decentralized stablecoin across the entire DeFi ecosystem.
Team
Resources
Litepaper
A brief overview of USPD: goals, technology, and key features. Get a clear and quick understanding of the project without overwhelming yourself with extensive technical details.
Security Audits
USPD has undergone comprehensive security audits by leading blockchain security firms including Resonance Security and Nethermind. Review the detailed findings and our security commitment.