Alchemix USD (ALUSD) is an algorithmic US dollar stablecoin. It has about $10.3M in circulation, ranking #124 among the stablecoins CoinScoop tracks, and runs on 4 blockchains.
What is ALUSD?
Alchemix USD (ALUSD) is an algorithmic US dollar stablecoin. It has about $10.3M in circulation, ranking #124 among the stablecoins CoinScoop tracks, and runs on 4 blockchains.
In the issuer's words: alUSD is a yield-backed synthetic stablecoin powered by the Alchemix protocol.
ALUSD supply history
ALUSD supply grew 2.5% over the past 30 days, to $10.3M. Its peak was $425M in June 2021, and supply is 98% below that high.
Is ALUSD holding its peg?
ALUSD is trading more than 2% below its target, so treat it as depegged. Check the issuer's announcements and redemption status before acting.
Where ALUSD lives: supply by blockchain
ALUSD is spread across several networks. The largest, Ethereum, holds 65% of supply. Check that the token on your chain is the issuer's official contract, not a bridged copy.
How ALUSD is backed
ALUSD relies mainly on code and market incentives, rather than full reserves, to hold its peg. This design has historically been the most fragile.
Minting and redemption: alUSD is minted by depositing an accepted collateral asset into an Alchemix Vault. The collateral is used to generate yield that pays down the alUSD debt. Any alUSD used to repay the loan to retrieve the collateral is burned.
Reserve reports and audits: github.com
ALUSD risks
With little hard collateral, falling confidence can feed on itself, the pattern that destroyed TerraUSD in 2022.
With $10.3M 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 ALUSD traded at $0.9594 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.
ALUSD vs USDT and USDC
Similar algorithmic stablecoins
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ALUSD FAQ
What is ALUSD?
Alchemix USD (ALUSD) is an algorithmic US dollar stablecoin. It has about $10.3M in circulation, ranking #124 among the stablecoins CoinScoop tracks, and runs on 4 blockchains.
Is ALUSD pegged 1:1 to the US dollar?
ALUSD targets 1 USD. At the last update it traded at $0.9594, a deviation of -4.06%, which we classify as "depegged".
What backs ALUSD?
ALUSD is an algorithmic stablecoin. ALUSD relies mainly on code and market incentives, rather than full reserves, to hold its peg. This design has historically been the most fragile.
Which blockchains is ALUSD on?
ALUSD is live on 4 blockchains. The largest by supply are Ethereum ($6.9M), OP Mainnet ($3.3M), Arbitrum ($365K).
How much ALUSD is in circulation?
About $10.3M of ALUSD was in circulation at the last update, +2.5% over 30 days. That makes it the #124 stablecoin by supply among those we track.
Is ALUSD safe?
No stablecoin is risk-free. As a algorithmic design, ALUSD's main risks are a self-reinforcing loss of confidence (the "death spiral" that broke TerraUSD in 2022), thin or absent collateral, and smart-contract bugs. Its supply is small, so liquidity can be thin. It currently shows "depegged" on our peg monitor. This page is information, not investment advice.