Interest Protocol (USDI) is a crypto-backed US dollar stablecoin. It has about $1.5M in circulation, ranking #193 among the stablecoins CoinScoop tracks, and runs on 1 blockchain.
What is USDI?
Interest Protocol (USDI) is a crypto-backed US dollar stablecoin. It has about $1.5M in circulation, ranking #193 among the stablecoins CoinScoop tracks, and runs on 1 blockchain.
In the issuer's words: Interest Protocol (IP) is a fractional reserve banking protocol on the Ethereum blockchain that pays interest to all depositors. Interest Protocol issues a stablecoin, named USDi, that is both over-collateralized and highly scalable.
USDI supply history
USDI supply was flat over the past 30 days. Its peak was $8.4M in July 2022, and supply is 82% below that high.
Is USDI holding its peg?
USDI is trading within 0.5% of its target, which is normal for a healthy stablecoin.
Where USDI lives: supply by blockchain
Supply is concentrated: Ethereum holds 100% of all USDI. Moving it to another chain means bridging, or a mint and redeem through the issuer.
How USDI is backed
USDI 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 Interest Protocol app, users mint USDi by depositing an accepted collateral asset into a vault or swapping for USDC. When the loan is repaid to retrieve the collateral, the paid back USDi is burned.
USDI 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 $1.5M 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.
USDI vs USDT and USDC
Similar crypto-backed stablecoins
See all →
USDI FAQ
What is USDI?
Interest Protocol (USDI) is a crypto-backed US dollar stablecoin. It has about $1.5M in circulation, ranking #193 among the stablecoins CoinScoop tracks, and runs on 1 blockchain.
Is USDI pegged 1:1 to the US dollar?
USDI 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 USDI?
USDI is a crypto-backed stablecoin. USDI 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 USDI on?
USDI is live on 1 blockchain. The largest by supply are Ethereum ($1.5M).
How much USDI is in circulation?
About $1.5M of USDI was in circulation at the last update, 0.0% over 30 days. That makes it the #193 stablecoin by supply among those we track.
Is USDI safe?
No stablecoin is risk-free. As a crypto-backed design, USDI'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 "on peg" on our peg monitor. This page is information, not investment advice.