USD Somnia (USDso) is a fiat-backed US dollar stablecoin. It has about $3.7M in circulation, ranking #167 among the stablecoins CoinScoop tracks, and runs on 1 blockchain.
What is USDso?
USD Somnia (USDso) is a fiat-backed US dollar stablecoin. It has about $3.7M in circulation, ranking #167 among the stablecoins CoinScoop tracks, and runs on 1 blockchain.
In the issuer's words: USDso is a USD-pegged stablecoin available on the Somnia network. Minting and redemption are operated by Frax through its FraxNet branded-stablecoin program: USDso is collateralized 1:1 by frxUSD held in a Frax-operated BrandedCustodian vault on Somnia, with frxUSD's reserves consisting primarily of tokenized US Treasuries (BUIDL, USTB, USCC, WTGXX, JTRSY) and cash equivalents.
USDso supply history
USDso supply grew 150.0% over the past 30 days, to $3.7M. It is at or near its all-time high.
Is USDso holding its peg?
USDso is trading within 0.5% of its target, which is normal for a healthy stablecoin.
Where USDso lives: supply by blockchain
Supply is concentrated: Somnia holds 100% of all USDso. Moving it to another chain means bridging, or a mint and redeem through the issuer.
How USDso is backed
Each USDso is meant to be redeemable for one unit of its reference currency, backed by reserves such as bank deposits and short-term government debt held by the issuer or its custodians.
Minting and redemption: Minting and redemption are handled by Frax on Somnia through the BrandedCustodian (an ERC-4626 vault): frxUSD is deposited 1:1 to receive USDso, and USDso can be burned via the same vault to receive the equivalent frxUSD. Cross-chain mint and redeem with USDC on supported chains is provided through Frax's orchestration API and CrossChainRouter.
USDso risks
Your claim is on the issuer and the banks or funds holding its reserves. A failure or freeze there can break the peg, as USDC briefly did in March 2023.
Fiat-backed issuers can usually freeze tokens at specific addresses, for example to comply with sanctions or court orders.
With $3.7M in circulation, exiting a large position may move the price. Redemption may be limited to approved customers.
Rules such as the US GENIUS Act and the EU's MiCA can restrict which stablecoins exchanges list in a given country.
USDso vs USDT and USDC
Similar fiat-backed stablecoins
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USDso FAQ
What is USDso?
USD Somnia (USDso) is a fiat-backed US dollar stablecoin. It has about $3.7M in circulation, ranking #167 among the stablecoins CoinScoop tracks, and runs on 1 blockchain.
Is USDso pegged 1:1 to the US dollar?
USDso targets 1 USD. At the last update it traded at $1.0020, a deviation of +0.20%, which we classify as "on peg".
What backs USDso?
USDso is a fiat-backed stablecoin. Each USDso is meant to be redeemable for one unit of its reference currency, backed by reserves such as bank deposits and short-term government debt held by the issuer or its custodians.
Which blockchains is USDso on?
USDso is live on 1 blockchain. The largest by supply are Somnia ($3.7M).
How much USDso is in circulation?
About $3.7M of USDso was in circulation at the last update, +150.0% over 30 days. That makes it the #167 stablecoin by supply among those we track.
Is USDso safe?
No stablecoin is risk-free. As a fiat-backed design, USDso's main risks are reliance on the issuer and its banks or custodians, how transparent the reserves are, the issuer's ability to freeze tokens, and regulatory action. Its supply is small, so liquidity can be thin. It currently shows "on peg" on our peg monitor. This page is information, not investment advice.