USPD

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

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.

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.

Key Features

Real-time transparent reserves

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

Over-collateralization

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

Non-custodial framework

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

Permissionless

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

Immunity to freezing

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

No reliance on banks

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

Stablecoin Landscape

Comparison of Stablecoin Features
	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

How it Works

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. 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 which is used to yield USPD in lockstep with the stETH yield.

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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

There are two paths to earning with USPD, catering to different preferences for control and management.

Permissionless Minting

Take full control by minting your own Stabilizer NFT. Manage your position directly and start funding the stabilizer. This path is for those who want to be hands-on with their assets.

Managed Positions

Prefer a hands-off approach? Opt for a managed stabilizer position for a stable APY without the management risk. This option is currently in development. Join our community to learn more.

Team

Martin Froehler, CEO

CEO & Founder of

Morpher, Quantiacs

10+ years in quant finance

MS Technical Mathematics

Willy Woo, Advisor

Managing Partner

CMCC Global & Crest

Pioneer of on-chain analysis

BS Engineering

Thomas Wiesner, CTO

CTO of

Morpher, Bitcoders

Teaching blockchain to 130k developers

MS Computer Science

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.

Risk Analysis

An in-depth analysis of the potential risks associated with the USPD protocol and its components. Understand our mitigation strategies and the safeguards in place.

From the creators of Morpher

USPD is brought to you by the team behind Morpher, the only app allowing people to trade up to 10x leverage on-chain directly on Base. We are committed to building self-custodial and decentralized financial products.

Join our Community

Have questions or want to get involved? Join our Telegram community to connect with the team and other users. We're here to help and listen to your feedback.