Tron

Watchdog group doubles down on Circle-Tron money laundering claims

The Campaign for Accountability released a new open letter criticizing Circle’s Cross Chain Transfer Protocol.

Nonprofit ethics group Campaign for Accountability (CfA) has doubled down on its money laundering claims against Circle, publishing a new open letter on Dec. 14 claiming that the USD Coin (USDC) issuer is facilitating the funding of terrorist organizations.

The CfA originally made these claims on Nov. 9 in a letter to United States Senators Elizabeth Warren and Sherrod Brown. Circle responded to the claims on Nov. 11, claiming the allegations were based on uncorroborated, unverified social media posts.

The new letter was also addressed to the two U.S. senators and was signed by CfA executive director Michelle Kuppersmith. In the new letter, Kuppersmith took aim at Circle’s Cross Chain Transfer Protocol (CCTP), a blockchain protocol that allows users to transfer USDC between multiple networks, including Tron.

Ethereum price rallies toward key resistance but is ETH’s strength sustainable?

Ethereum’s price rally toward $2,100 is driven by new developments in the layer-2 space and investors’ anticipation of a spot BTC ETF.

Ether (ETH) is trading higher on Dec.

*Ether 12-hour price index, USD. Source: TradingView*

However, the current positive momentum is supported by several factors, including applications for spot ETFs and the expansion of Ethereum’s ecosystem, driven by layer-2 solutions.

ETH benefits from ETF expectations and negative news related to competing blockchains

A pivotal development occurred on Nov. Securities and Exchange Commission (SEC) initiating the review process for Fidelity’s spot Ether ETF proposal, filed on Nov.

Despite analysts predicting the SEC might delay its decision to early 2024, interim deadlines for applications by VanEck and ARK 21Shares on Dec.

The Ethereum network’s growth, especially in transaction activity and layer-2 development, is noteworthy.

This growth is reflected in Ethereum’s total value locked (TVL), which recently hit a two-month high of 13 million ETH, spurred by a 13% weekly gain in Spark and a 60% increase in Blast user deposits.

*Ethereum network top DApps by TVL. Source: DefiLlama*

In contrast, Tron, another leading blockchain in TVL terms, witnessed a 12% decline over the past ten days. Recent high-profile hacks linked to Tron’s founder Justin Sun have also swayed investor confidence toward Ethereum.

Circle denies claims of illicit financing and ties to Justin Sun

According to an open letter published on Circle’s blog, the company has not provided services to Justin Sun since February.

USD Coin (USDC) stablecoin issuer Circle has denied claims of illicit financing and ties to Tron founder Justin Sun in an open letter posted to Circle’s blog on Nov.

*Circle’s open letter to U.S. Source: Circle*

The post was published on Nov.

In the letter, Disparte claims that Circle has “recently became aware” of “false” claims being made about it by the “so-called Campaign for Accountability.” The letter adds that “Circle does not facilitate, directly or indirectly, or finance Hamas (or any other illicit actors).” In addition, it does not “bank” or provide financial services to Sun, Disparte claimed.

Disparte dismissed the allegation that Circle facilitated “major flows of funds to Hamas or Hezbollah,” claiming instead that these accusations are based on uncorroborated, unverified posts to social media.

Disparte also claimed that Circle stopped providing services to Sun in February, 2023, stating:

“Neither Mr. Sun and his affiliated companies in February 2023.”

The open letter from Circle appears to have been sent in response to a Nov. 9 letter from the nonprofit ethics group Campaign for Accountability, whose letter claimed that Circle has extensive ties to Sun’s Tron Foundation and major Wall Street investors and that Sun’s cross-chain protocol, SunSwap, is often used for money laundering.

Claims that crypto is being used to finance terrorism have been commonplace since the Israeli-Hamas war broke out on Oct. The media outlet later corrected its story, stating instead that $12 million in crypto “may have been” sent to these organizations.

US court issues summons to Tron’s Justin Sun, threatens default judgment if no response

The summons was related to a civil lawsuit filed by the SEC against Justin Sun and others over allegedly offering and selling TRX tokens as unregistered crypto asset securities.

A United States court has issued a summons to Tron founder Justin Sun’s Singapore address in connection to a Securities and Exchange Commission (SEC) civil case.

In an April 12 filing, the U.S. District Court for the Southern District of New York ordered Sun to respond to the summons within 21 days by contacting attorney for the SEC Adam Gottlieb. According to the court, “judgment by default will be entered” should the Tron founder fail to respond — suggesting penalties related to alleged securities law violations.

Sun’s Twitter bio showed his location as Switzerland, while activity on his social media accounts suggested he had recently been in Hong Kong. The Tron co-founder was reportedly born in China and claims citizenship in Grenada, while the Tron Foundation was established in Singapore in 2017.

Arrived HK pic.twitter.com/8PgKsCrDeQ

— H.E. Justin Sun 孙宇晨 (@justinsuntron) April 11, 2023

In March, the SEC filed a civil lawsuit against Sun, the Tron Foundation, the BitTorrent Foundation and Rainberry over the “orchestration of the unregistered offer and sale, manipulative trading, and unlawful touting” of Tron (TRX) as a crypto asset security. The financial regulator alleged Sun engaged in “manipulative wash trading” by helping drive public interest in TRX and BitTorrent (BTT) with the help of celebrities including Soulja Boy, Lindsay Lohan, Jake Paul, and Akon.

At the time of the SEC announcement, all celebrities allegedly involved in the scheme had settled with the regulator, with the exception of Austin Mahone and Soulja Boy. The SEC said it planned to “permanently prohibit” Sun from acting as an officer or director of any firm offering crypto securities, should it prevail in the case.

Sun is far from the only figure in the crypto space who has been the target of U.S. authorities in the wake of the 2022 market crash and multiple high-profile bankruptcies. In January, a bankruptcy judge issued a subpoena to Three Arrow Capital co-founder Kyle Davies. Unlike Sun’s summons, which was sent to a physical address, the U.S. court authorized a subpoena via Twitter in Davies’ case, but he had failed to respond as of the time of publication.

Magazine: Justin Sun Buys Your Company… What Do You Do?

SEC files lawsuit against Tron’s Justin Sun and celebrities over crypto securities offering

Among the celebrities who settled with the Securities and Exchange Commission for their role in promoting TRX and BTT were actress Lindsay Lohan, YouTuber Jake Paul and singer Akon.

The United States Securities and Exchange Commission has called for a jury trial against Tron founder Justin Sun for the “orchestration of the unregistered offer and sale, manipulative trading, and unlawful touting of crypto asset securities.”

In a March 22 filing in U.S. District Court for the Southern District of New York, the SEC named Sun, the Tron Foundation, the BitTorrent Foundation and Rainberry over the offer and sale of Tron (TRX) and BitTorrent (BTT), alleging the tokens were securities. The financial regulator further alleged Sun engaged in “manipulative wash trading,” driving drive public interest in the two tokens by enlisting the help of celebrities.

Among the celebrities promoting TRX and BTT were American rapper DeAndre Cortez Way, also known as Soulja Boy; Austin Mahone; actress Lindsay Lohan; YouTuber Jake Paul; and singer Aliaune Thiam, also known as Akon. Akon was also behind projects to create a “crypto city” in Senegal and Uganda.

“Although the celebrities were paid to promote TRX and BTT, their touts on social media did not disclose that they had been paid or the amounts of their payments,” said the SEC complaint. “Thus, the public was misled into believing that these celebrities had unbiased interest in TRX and BTT, and were not merely paid spokespersons.”

Today we charged crypto entrepreneur Justin Sun and three of his wholly-owned companies for the unregistered offer and sale of crypto asset securities Tronix and BitTorrent.

Read more:https://t.co/4tXgKNof6Q

— U.S. Securities and Exchange Commission (@SECGov) March 22, 2023

According to the SEC, Sun’s actions in the offer and sale of TRX and BTT violated aspects of the Securities Act. The regulator alleged that the Tron founder was responsible for more than 600,000 wash trades of TRX from April 2018 to February 2019, which led to Sun selling more than $31 million worth of the token.

“While we’re neutral about the technologies at issue, we’re anything but neutral when it comes to investor protection,” said SEC enforcement director Gurbir Grewal. “As alleged in the complaint, Sun and others used an age-old playbook to mislead and harm investors by first offering securities without complying with registration and disclosure requirements and then manipulating the market for those very securities.”

With the exception of Mahone and Soulja Boy, the other celebrities named in the case have settled with the SEC, agreeing to pay more than $400,000 in disgorgement, interest, and penalties. The U.S. regulator said it planned to “permanently prohibit” Sun from acting as an officer or director of any firm offering crypto securities.

In October 2022, the SEC announced it had reached a $1.2 million settlement with Kim Kardashian for touting EthereumMax (EMAX) tokens on her social media accounts. Following a similar settlement with former NBA player Paul Pierce in February, SEC Chair Gary Gensler warned celebrities not to “lie to investors when you tout a security.”

Tron-based tokens sell at 1200% premium as FTX users scramble to withdraw

The JST token in particular is trading for a premium of around 1,200%, while BTT and TRX have inflated at least 500% apiece.

Tron-based tokens such as JUST (JST) have surged as much as 1000% on FTX as users scramble to find ways of extracting locked-up liquidity from the beleaguered exchange.

At the time of writing, Tron’s native token Tron (TRX) is trading at roughly $0.33 on the FTX exchange, more than five times its current market price, according to CoinGecko.

Meanwhile, BitTorrent (BTT), JST and the Sun Token (SUN) are trading on the exchange at premiums ranging from 525% to 1,196% compared with the market price. As it stands, the prices are extremely volatile and constantly changing.

The overinflation of Tron-related tokens comes after a Nov. 10 deal was struck which allows holders of assets such as TRX, BTT, JST, and SUN to withdraw funds.

This move has resulted in traders on FTX bidding up the price of Tron-related tokens to be able to recoup their locked funds. However, buying the tokens at the inflated price will likely lead to significant realized losses should they then sell them on any other exchange.

This means FTX customers get pennies on the dollar while Tron makes a ton of money.$TRX will be bid up on FTX as that is the only way to get out, but once people withdraw it they’ll have to sell it at market price, taking a huge loss on their original holdings. https://t.co/NkbXatmxXR

— leoglisic.eth (@Leo_Glisic) November 10, 2022

Limited withdrawals

FTX’s website says that it is currently unable to process withdrawals, with customers in The Bahamas, where the company is based, understood to be the only ones that can withdraw from the exchange.

Subsidiary FTX.US has also suggested that it could soon follow the same path by halting withdrawals.

It is also worth noting that FTX disabled new deposits of Tron-based assets as the withdrawals went live.

Twitter users such as davidiach on Nov. 11 have mused that FTX users could potentially get around the Bahamian loophole in particular by getting a local citizen to buy a low-cap asset on FTX, have them dump it on the overseas user and then get the Bahamian to ”withdraw the profits” for them for a fee.

One way to withdraw large amounts of money now is:
1. Have a Bahamian buy a very low liquidity coin on FTX
2. Pump it hard and let the Bahamian dump that coin on you.
3. Have the Bahamian withdraw the profits and give you the money minus a fee. https://t.co/Nei3zT3HMd

— David Iach (,) (@davidiach) November 10, 2022

However, the feasibility of such appears to be in doubt, given that the Securities Commission of The Bahamas (SCB) froze the assets of FTX Digital Markets and “related parties” on Nov. 10 and suspended the firm’s registration in the country.

Tron’s stablecoin USDD loses dollar peg on suspected selloff by Alameda Research

Wallets associated with Sam Bankman-Fried’s Alameda Research could be behind the dollar depeg, alleges Tron’s founder.

In April 2022, the Tron network launched USDD, a token pegged to the United States dollar as an “over-collateralized stablecoin,” meaning its likelihood of slipping below $1 should be lower due to excessive reserves backing its valuation.

USDD stablecoin slips below $1 peg

But it was not enough to keep USDD’s price anchored to $1 on Nov. 8 when some whales dumped over 11 million USDD tokens to seek exposure in rival stablecoins Tether (USDT) and USD Coin (USDC). A day later, USDD’s price fell to as low as $0.96, followed by a modest recovery to $0.98 on Nov. 10.

*USDD price performance on a 24-hour adjusted timeframe. Source: Messari*

The selling pressure was visible more broadly in the USDD liquidity pool on Curve’s decentralized finance protocol. As of Nov. 10, the pool was heavily imbalanced, holding nearly 82.50% in USDD and the rest in USDT, USDC and Dai (DAI) stablecoins.

Tron founder Justin Sun speculates that Alameda Research, a crypto hedge fund headed by FTX’s Sam Bankman-Fried, could be the whale dumping its USDD holdings to avoid insolvency. Alameda’s balance sheet reportedly was 50% FTX Token (FTT), FTX’s native token that has recently fallen more than 90%.

I think probably Alemeda just sold their USDD to cover the liquidity of ftx exchange. The pool currently is back with a healthy rate. pic.twitter.com/oSIzUNqE0Z

— H.E. Justin Sun (@justinsuntron) November 9, 2022

Miscalculated collateral reserves

USDD is issued by Tron DAO Reserve (TDR), which also serves as the custodian of its collateral. TDR is primarily responsible for selling the collateral to maintain USDD’s peg in the event of a sell-side shock.

In theory, USDD appears sufficiently backed by a $2-billion pool of crypto collateral in the form of Bitcoin (BTC), Tron (TRX) and USDC, with the reserves reportedly outweighing the stablecoin supply by over 283%.

*USDD supply versus collateral. Source: USDD.io*

But there’s a catch.

Currently, almost all the stablecoin collateral worth in TDR’s reserve wallets are staked and earning yields in JustLend, the largest lending protocol in the Tron ecosystem by total-value-locked (TVL). Meanwhile, 99% of TRX collateral is locked inside a “staking governance” contract.

TDR also appears to be incorrect including burned TRX worth over $725 million as collateral. Overall, that leaves the DAO with about $600 million worth of USDC and $236 million worth of BTC in its liquefiable reserves.

In other words, an almost 113% collateral ratio versus the 283% boasted.

Bitcoin, TRX prices slide

USDD’s collateral ratio could fluctuate further as its reserve assets, BTC and TRX, undergo price declines .

Notably, BTC’s price has plunged by more than 22% week-to-date to around $16,500 in a crypto market meltdown led by the Alameda-FTX fiasco. On the other hand, TRX wiped approximately 12% off its valuation in the same period, trading at around $0.05 on Nov. 10.

*TRX/USD weekly price chart. Source: TradingView*

The Tron token now eyes a break below its support long-standing support confluence, comprising its 200-week exponential moving average (200-week EMA; the blue wave) near $0.052 and its 0.236 Fib line near $0.055.

This may push TRX on an extended decline toward the $0.022-$0.030 range (marked in red in the chart above). This area was instrumental as a consolidation channel from August 2020-January 2021 and January 2019-July 2021.

Furthermore, it served as support between February and November 2018.

At the same time, Bitcoin has entered the breakdown phase of its prevailing inverse-cup-and-handle pattern, now e yeing $14,000 as its primary downside target.

*BTC/USD weekly price chart. Source: TradingView*

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Traders expect 200% upside from MATIC, but does Polygon network data support that?

MATIC’s recent rally and partnerships are turning heads and on-chain activity may hint at further growth.

In the past year, Polygon (MATIC) has focused on growing their list of high-profile partners which includes luminaries like Disney, Starbucks and Robinhood. The recent announcements of partnerships with both Instagram and JPMorgan have speculators pushing the token price up nearly 200%.

In addition to partnerships, blockchain adoption through network usage is important to analyze. Blockchain adoption can be analyzed by looking into daily active users of the blockchain, protocols using the technology, number of transactions and total locked value.

Total value locked on Polygon rises above $1B

Total value locked (TVL) is one cryptocurrency indicator used to assess the market’s sentiment towards a particular blockchain. TVL on Polygon requires utilizing the MATIC blockchain and locking funds in the various DeFi platforms available across the network.

Rising TVL is a sign of growth, or new liquidity entering the ecosystem but it does not necessarily mean that the network and associated assets are “turning bullish.”

While the top 3 protocols, Ethereum (ETH), Binance Coin (BNB) and Tron (TRX) all have a TVL over $5 billion, MATIC, Avalanche (AVAX) and Arbitrum are the only others with over $1 billion in TVL.

According to data from Token Terminal, Polygon and Fantom (FTM) are the only blockchains to post positive TVL numbers in both 1 day and 7 day metrics.

*Top blockchains sorted by TVL. Source: Defi Llama*

Top 3 protocol blockchain for developers

Protocols are essentially decentralized applications (dApps) built using smart contracts on top of public blockchains. The recently announced partnerships have be tested but have not yet fully launched.

Even if the new partnerships do not fully materialize, the network is already a top contender for developers to build their smart contracts.

*Top blockchains sorted by protocol number. Source: Defi Llama*

Polygon is a newcomer when compared to Ethereum. So although Ethereum has more protocols than Polygon, Ethereum launched mainnet with a 5 year head start.

Polygon’s astronomical growth in protocols launching on their blockchain is notable because according to TokenTerminal’s data, Ether’s market cap dominates MATIC 90% to 10%.

Polygon sees an uptick in fees and daily active users

In addition to Polygon’s price growing 12% in the past month, the network’s daily fees and daily active users have grown by 200% since August 5 lending credence to the Cointelegraph prediction.

On August 5, Polygon collected $42,093 in fees and had 248,853 daily network users. By October 13, the network’s daily active users peaked at 737,815 following the success of the Reddit NFT avatar launch. Following on October 25 the network hit a 90 day peak of $131,940 in daily fees.

*Polygon network fees and daily active users. Source: TokenTerminal*

When comparing the on-chain activity and analysis with the recent MATIC rally, the data suggests that speculation on the partnership news matches the fundamentals.

While it is a stretch to forecast a 200% potential gain in MATIC growth by only using technical analysis, Polygon’s network growth and daily active user stats are encouraging.

The number of transactions and TVL could be a sign that network fundamentals align with the expectations of technical analysts. MATIC’s strength versus competing chains, while still being only a fraction of Ether and BNB’s market cap is quite bullish for its long-term growth prospects.

Tron producer Donald Kushner creates Web3-inspired Cryptosaurs NFT collection

“NFTs can aid in the documentation of the creator community through smart contracts,” said Kushner.

It’s been 40 years since the classic sci-fi adventure film Tron hit movie screens around the world. Produced by Donald Kushner and released by Walt Disney Productions, its highly original futuresque concept made history by revolutionizing the use of computer animation in film while introducing audiences to one of the earliest interpretations of a digital metaverse.

Reflecting on the movie’s success, Donald Kushner sat down with Cointelegraph reporter Sean Moore to discuss the success of the film, his new nonfungible token project Cryptosaurs and his thoughts on the future of the metaverse.

Cointelegraph: How do current metaverse implementations compare to what you may have envisioned during the creation of the original Tron film?

Donald Kushner: This is exactly what we envisioned — that the personal computer would overtake that of the mainframe computer. Games and intellectual property would become engines of wealth in a global creator community, and we’d see a battle between centralized and decentralized control of intellectual property, between an ownership economy and a creator economy.

But Kushner has also kept himself up-to-date on navigating the next wave of the digital revolution. “My colleague Mike Bonifer and I invested in crypto in 2018 as a learning experiment. It was his idea. Mike is a quantum storyteller who began as the publicist on Tron and wrote the book The Art of Tron.”

As told by Kushner, Bonifer believed that films and streaming content could be financed by crypto and “pre-collectible NFTs.” So in 2021, Kushner and Bonifer, along with industry veteran John Scheele, came together to form Gumbotron — a Web3 studio dedicated to Metaverse storytelling.

The firm’s newest NFT project Cryptosaurs, developed in conjunction with Forj and Animoca Brands, features collectible digital dinosaur NFT characters, starting with an egg drop in Fall 2022. Each egg is a mystery box containing a line of code. A “gene randomizer” determines a sequence of “freeze-or-hatch” events in early 2023, in which holders of the eggs will be awarded a particular species of Cryptosaur with different uses in the Metaverse. The production team’s goal is for holders of the Cryptosaur characters to eventually showcase their NFTs in play-to-earn games, fine art, feature films, virtual reality exhibits, as Metaverse avatars and in other forms of media.

The idea for Cryptosaurs came from the childhood experiences of co-founder John Scheele, who also worked on Tron as a visual effects artist. Scheele’s father was the director of the Cleveland Museum of Natural History for 40 years, and family vacations consisted of dinosaur digs. And so, fellow co-founder Mike Bonifer pointed out: “If we can get John to recall the wonder he had as a child on those dino digs, we will have a story.”

Tying it all back to the cyber world envisioned through Tron, Kushner says that the film’s influential legacy can still be seen in many areas of the gaming and entertainment space:

“It’s not a coincidence that Hal Finney [the first recipient of Bitcoin and one of the alleged creators of the digital asset itself] worked on Tron’s Atari game. Yat Siu, the founder of Animoca and a big Tron fan, also worked at Atari when he was 13. And then there are people like William Gibson, who pioneered the cyberpunk genre in science fiction. He was also influenced by Tron.”

DeFi protocols launch stablecoins to lure new users and liquidity, but does it work?

In the wake of UST’s collapse, several DeFi platforms launched their own stablecoins to lasso new users and liquidity but are investors willing to take on the risk in return for 20% APY?

Stablecoin projects have been thrust into the limelight over the past month as the popularity of algorithmic stablecoins and the collapse of the Terra project put a spotlight on the important role dollar-pegged assets play in the crypto market.

In response to the void left by UST, multiple protocols have released new stablecoin projects in an effort to attract new users and capture liquidity. Generally speaking, the DeFi sector is full of gimmicks that are designed to entice user participation and it’s possible that the recent stablecoin launch programs are simply the next trending tactic being used to boost TVL on DeFi platforms.

Let’s take a look at some of the newest stablecoins to hit the market and what impact they may or may not be having within DeFi.

USDD

One of the biggest stablecoin projects to launch recently is USDD, a decentralized algorithmic stablecoin on the Tron (TRX) blockchain. Since launching on May 5, USDD has experienced rapid growth in terms of its circulating supply, which currently sits near 601.86 million and its integration within the Tron ecosystem is relatively widespread.

USDD is also available on the Ethereum (ETH) network and the BNB Smart Chain (BSC), which has helped to increase the tokens distribution along with providing additional yield opportunities.

There are multiple liquidity provider pools available to USDD holders that offer 20% APY or more across various protocols, including JustLend, SunSwap, Ellipsis and Curve. In the time since USDD launched, the price of TRX has increased 17% from $0.07 to its current price of $0.0818 after briefly hitting a high of $0.092 on May 31.

fUSD

Fantom recently released fUSD, its first native stablecoin, which is an over-collateralized and can be minted using Fantom (FTM), USD Coin (USDC), Dai (DAI), SpiritSwap (SPIRIT) and wrapped Tether (fUSDT) as collateral.

The new @FantomFDN's native stablecoin, $fUSD…

Brings all the goodness of decentralization while delivering stability:

✅Governed by the community.
✅Full transparency.
✅Overcollateralized stability.

Plus, new collateral assets you’ll be happy to see!

pic.twitter.com/JMaD4D5oWZ

— Stader.Fantom (@stader_ftm) May 25, 2022

In an effort to attract more liquidity, the Fantom Foundation set the fUSD staking reward at 11.3% and created a fUSD to USDC swap interface that allows users to purchase fUSD and repay their positions to avoid liquidations.

At the time of writing, the circulating supply of fUSD stands at 60,993,403 and it is trading at a price of $0.7112, which is significantly below its $1 peg.

aUSD

Following the official launch of the first parachains within the Polkadot ecosystem, the Acala decentralized finance platform released aUSD as the first native stablecoin for Polkadot projects.

aUSD is an over-collateralized stablecoin that can be minted by pledging Polkadot (DOT), staked Polkadot (LDOT), Kusama (KSM), staked KSM (LKSM), Acala (ACA) or Karura (KAR) as collateral.

Pledging LDOT and LKSM as collateral allows DOT and KSM holders to continue earning staking rewards while simultaneously being able to borrow collateral against their holdings.

On March 23, Acala joined with nine other parachain teams to launch a $250 million “aUSD Ecosystem Fund” that is designed to support early-stage startups planning to build strong stablecoin use cases on any Polkadot or Kusama parachain.

Acala, nine parachain teams, and a group of venture funds have launched the $250 million 'aUSD Ecosystem Fund' ️

The fund is seeking early-stage projects from any @Polkadot or @KusamaNetwork parachain with strong $aUSD stablecoin use cases https://t.co/OJ2V47ZUry pic.twitter.com/NDgLg2bG8N

— Acala (@AcalaNetwork) March 23, 2022

As of May 31, 6.31 million aUSD have been minted and the amount of pledged capital locked on Acala stands at $91.53 million.

OUSD

Origin protocol’s OUSD is a stablecoin that is fully backed by more recognizable stablecoins like USDC, USDT and DAI.

Users can mint OUSD by pledging their stablecoin collateral on the Origin Dollar protocol and earn a yield of 12.79% by holding OUSD in a wallet. Yields that are paid to OUSD holders come from automated strategies managed by smart contracts that put the deposited funds to work in DeFi.

After briefly dropping to a low of $0.967 on May 12 during the height of the UST fallout, OUSD has, for the most part, maintained a price above $0.996 and has a current circulating supply of 63,605,444.