USP Stablecoin (USP) is a crypto-backed US dollar stablecoin. It has about $65.4M in circulation, ranking #65 among the stablecoins CoinScoop tracks, and runs on 1 blockchain.
USP price
$0.9991
On peg Circulating supply
$65.4M
30-day change
0.0%
Price
$0.9991
Blockchains
1
Tracked since
Feb 2023
What is USP?
USP Stablecoin (USP) is a crypto-backed US dollar stablecoin. It has about $65.4M in circulation, ranking #65 among the stablecoins CoinScoop tracks, and runs on 1 blockchain.
In the issuer's words: An over-collateralized ERC-20 stablecoin built on the Platypus stableswap.
USP supply history
$67.4M$62.8M
Jun 10, 2025Jun 4, 2026
$67.4M$0
Feb 7, 2023Jun 4, 2026
USP supply was flat over the past 30 days. It is at or near its all-time high.
Is USP holding its peg?
Last price
$0.9991
Target
1.0000 USD
Status
On pegUSP is trading within 0.5% of its target, which is normal for a healthy stablecoin.
Where USP lives: supply by blockchain
Supply is concentrated: Avalanche holds 100% of all USP. Moving it to another chain means bridging, or a mint and redeem through the issuer.
How USP is backed
USP is minted against crypto collateral locked in smart contracts, usually worth more than the stablecoins issued, with liquidations or hedges protecting the peg.
Minting and redemption: Users can deposits collateral into the Platypus Main Pool and stake their LP tokens into the MasterPlatypus to farm PTP. At the same time, it is possible for users to mint USP based on the the collateral factor.
USP risks
Collateral and liquidations
A sharp crash in the crypto collateral can outrun liquidations and leave the system under-backed.
Smart contracts and oracles
Bugs, governance attacks or bad price feeds can drain collateral or trigger wrongful liquidations.
Regulation
Rules such as the US GENIUS Act and the EU's MiCA can restrict which stablecoins exchanges list in a given country.
USP vs USDT and USDC
Similar crypto-backed stablecoins
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USP in the news
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USP FAQ
What is USP?
USP Stablecoin (USP) is a crypto-backed US dollar stablecoin. It has about $65.4M in circulation, ranking #65 among the stablecoins CoinScoop tracks, and runs on 1 blockchain.
Is USP pegged 1:1 to the US dollar?
USP targets 1 USD. At the last update it traded at $0.9991, a deviation of -0.09%, which we classify as "on peg".
What backs USP?
USP is a crypto-backed stablecoin. USP is minted against crypto collateral locked in smart contracts, usually worth more than the stablecoins issued, with liquidations or hedges protecting the peg.
Which blockchains is USP on?
USP is live on 1 blockchain. The largest by supply are Avalanche ($65.4M).
How much USP is in circulation?
About $65.4M of USP was in circulation at the last update, 0.0% over 30 days. That makes it the #65 stablecoin by supply among those we track.
Is USP safe?
No stablecoin is risk-free. As a crypto-backed design, USP's main risks are falls in collateral value that outpace liquidations, smart-contract and oracle failures, and, for hedged designs, negative funding rates or exchange counterparty risk. It currently shows "on peg" on our peg monitor. This page is information, not investment advice.