USPD

The decentralized & permissionless stablecoin with on-chain proof of reserves.

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BecomE a user

USPD can be minted by depositing ETH into the smart contract. Depositors receive USPD proportionally to the USD value of their deposited ETH. ETH can be redeemed from the smart contract by burning a corresponding amount of USPD. USPD cannot be frozen or seized.

Mint USPD (Demo)
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BecomE a stabilizer

Stabilizers guarantee a constant USD value of the stETH in USPD’s reserves and earn 27% interest. On top of the earned interest, stabilizers can also choose to over-collateralize their on-chain margin. Or they can also hedge their ETH with short futures and put options.

Become a Stabilizer

Key Features

Viewing blockchain reserves

Real-time transparent reserves

USPD ensures full transparency by maintaining real-time visibility of its reserves, fostering trust and reliability among users.

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Over-collateralization

USPD is designed with an over-collateralized structure, providing a robust buffer against market volatility and enhancing stability.

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Non-custodial framework

USPD operates on a non-custodial basis, ensuring that users retain complete control over their assets without intermediary oversight.

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Permissionless

USPD allows for seamless and unrestricted conversion to and from ETH at any time, offering unparalleled flexibility and accessibility.

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Immunity to freezing

Decentralized nature makes USPD assets immune to freezing, guaranteeing uninterrupted access and control for users, regardless of external factors.

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No reliance on banks

USPD does not have any exposure to banks or the traditional financial system.

Stablecoin Landscape

USPD

USDC

DAI

FDUSD

Decentralized

Yes

No

Yes

No

Transparent Reserves

Yes

No

No

Yes

Independent from Banks

Yes

No

Yes

No

Sovereign & Unregulated

Yes

No

No

Yes

How It Works

USPD and ETH reserve balancing

Minting and Redeeming

Deposit ETH to get equivalent USPD. Redeem ETH by burning USPD. USPD can be minted by depositing ETH into the smart contract. Depositors receive USPD proportionally to the USD value of their deposited ETH.

ETH can be redeemed from the smart contract by burning a corresponding amount of USPD. A fee of 10 basis points is charged on deposits and redemptions and put into an insurance fund. USPD cannot be frozen or seized. Its smart contract is not ownable or upgradeable. All ETH held by the smart contract is automatically converted into stETH to provide ~4% annual yield.

USPD remains stable during crypto bull markets. Rising ETH prices generate excess collateral. Excess collateral covers short losses.

USPD remains stable during crypto bear markets. Falling ETH prices generate short profits. Short profits top up collateral.

How to Earn

USPD’s upper issuance limit increases in lockstep with the capital available for hedging. You can become an LPs Permissionless Technologies by locking USPD into a smart contract for 1-4 years and receive 27% APY. Not available for US persons.

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Team

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Martin Froehler, CEO

CEO & Founder of
Morpher, Quantiacs
10+ years in quant finance
MS Technical Mathematics

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Willy Woo, GP

Managing Partner
CMCC Global & Crest
Pioneer of on-chain analysis
BS Engineering

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Thomas Wiesner, CTO

CTO of
Morpher, Bitcoders
Teaching blockchain to 130k developers
MS Computer Science

Resources