USDW is a crypto-backed US dollar stablecoin. It has about $1.4M in circulation, ranking #201 among the stablecoins CoinScoop tracks, and runs on 1 blockchain.
What is USDW?
USDW is a crypto-backed US dollar stablecoin. It has about $1.4M in circulation, ranking #201 among the stablecoins CoinScoop tracks, and runs on 1 blockchain.
In the issuer's words: Real is a decentralized borrowing protocol on the EthereumPoW network that allows you to draw interest-free loans against Ether used as collateral. Loans are paid out in USDW (a USD pegged stablecoin) and need to maintain a minimum collateral ratio of 115%.
USDW supply history
USDW supply was flat over the past 30 days. It is at or near its all-time high.
Is USDW holding its peg?
USDW is trading within 0.5% of its target, which is normal for a healthy stablecoin.
Where USDW lives: supply by blockchain
Supply is concentrated: EthereumPoW holds 100% of all USDW. Moving it to another chain means bridging, or a mint and redeem through the issuer.
How USDW is backed
USDW 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 Real Protocol app, users mint USDW by depositing Ether into a vault. When the loan is repaid to retrieve the collateral, the paid back USDW is burned.
USDW 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 $1.4M 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.
USDW vs USDT and USDC
Similar crypto-backed stablecoins
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USDW FAQ
What is USDW?
USDW is a crypto-backed US dollar stablecoin. It has about $1.4M in circulation, ranking #201 among the stablecoins CoinScoop tracks, and runs on 1 blockchain.
Is USDW pegged 1:1 to the US dollar?
USDW 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 USDW?
USDW is a crypto-backed stablecoin. USDW 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 USDW on?
USDW is live on 1 blockchain. The largest by supply are EthereumPoW ($1.4M).
How much USDW is in circulation?
About $1.4M of USDW was in circulation at the last update, 0.0% over 30 days. That makes it the #201 stablecoin by supply among those we track.
Is USDW safe?
No stablecoin is risk-free. As a crypto-backed design, USDW'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.