dForce USD (USX) is a crypto-backed US dollar stablecoin. It has about $7.1M in circulation, ranking #146 among the stablecoins CoinScoop tracks, and runs on 8 blockchains.
What is USX?
dForce USD (USX) is a crypto-backed US dollar stablecoin. It has about $7.1M in circulation, ranking #146 among the stablecoins CoinScoop tracks, and runs on 8 blockchains.
In the issuer's words: An omni decentralized stablecoin protocol. USX is an omni-decentralized stablecoin, serving as a conduit to facilitate interoperability across multiple Ethereum and Bitcoin L1/L2s. USX unlocks seamless access to real yields backed by RWA, providing additional value to holders beyond price stability. USX also leverages AI technologies to enhance its functionalities and management.
USX supply history
USX supply was flat over the past 30 days. Its peak was $206M (face value) in June 2022, and token supply is 90% below that high.
Is USX holding its peg?
USX is trading more than 2% below its target, so treat it as depegged. Check the issuer's announcements and redemption status before acting.
Where USX lives: supply by blockchain
USX is spread across several networks. The largest, Arbitrum, holds 53% of supply. Check that the token on your chain is the issuer's official contract, not a bridged copy.
How USX is backed
USX 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: Using the dForce Network app, users mint USX by depositing an accepted collateral asset into a vault. When the loan is repaid to retrieve the collateral, the paid back USX is burned. Users can borrow USX from whitelisted lending protocols which have had their USX liquidity issued algorithmically.
USX risks
A sharp crash in the crypto collateral can outrun liquidations and leave the system under-backed.
Bugs, governance attacks or bad price feeds can drain collateral or trigger wrongful liquidations.
With $7.1M in circulation, exiting a large position may move the price. Redemption may be limited to approved customers.
Copies of a stablecoin moved by third-party bridges depend on those bridges. Prefer the issuer's native contract on each chain.
At the last update USX traded at $0.3431 against a target of 1.
Rules such as the US GENIUS Act and the EU's MiCA can restrict which stablecoins exchanges list in a given country.
USX vs USDT and USDC
Similar crypto-backed stablecoins
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USX FAQ
What is USX?
dForce USD (USX) is a crypto-backed US dollar stablecoin. It has about $7.1M in circulation, ranking #146 among the stablecoins CoinScoop tracks, and runs on 8 blockchains.
Is USX pegged 1:1 to the US dollar?
USX targets 1 USD. At the last update it traded at $0.3431, a deviation of -65.69%, which we classify as "depegged".
What backs USX?
USX is a crypto-backed stablecoin. USX 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 USX on?
USX is live on 8 blockchains. The largest by supply are Arbitrum ($11.0M), OP Mainnet ($7.8M), Ethereum ($1.2M).
How much USX is in circulation?
About $7.1M of USX was in circulation at the last update, 0.0% over 30 days. That makes it the #146 stablecoin by supply among those we track.
Is USX safe?
No stablecoin is risk-free. As a crypto-backed design, USX'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. Its supply is small, so liquidity can be thin. It currently shows "depegged" on our peg monitor. This page is information, not investment advice.