Liquid Loans USDL (USDL) is a crypto-backed US dollar stablecoin. It has about $1.2M in circulation, ranking #210 among the stablecoins CoinScoop tracks, and runs on 1 blockchain.
What is USDL?
Liquid Loans USDL (USDL) is a crypto-backed US dollar stablecoin. It has about $1.2M in circulation, ranking #210 among the stablecoins CoinScoop tracks, and runs on 1 blockchain.
In the issuer's words: USDL is a stablecoin with 110% collateralization, no repayment schedule, immutability, and no governance or admin keys.
USDL supply history
USDL supply fell 0.9% over the past 30 days, to $1.2M. Its peak was $32.7M in February 2024, and supply is 96% below that high.
Is USDL holding its peg?
USDL is trading more than 2% below its target, so treat it as depegged. Check the issuer's announcements and redemption status before acting.
Where USDL lives: supply by blockchain
Supply is concentrated: PulseChain holds 100% of all USDL. Moving it to another chain means bridging, or a mint and redeem through the issuer.
How USDL is backed
USDL 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: USDL is minted when users deposit PLS (PulseChain coin) as collateral that has been locked into individual smart contracts called Vaults.
USDL 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 $1.2M in circulation, exiting a large position may move the price. Redemption may be limited to approved customers.
At the last update USDL traded at $0.9794 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.
USDL vs USDT and USDC
Similar crypto-backed stablecoins
See all →
USDL FAQ
What is USDL?
Liquid Loans USDL (USDL) is a crypto-backed US dollar stablecoin. It has about $1.2M in circulation, ranking #210 among the stablecoins CoinScoop tracks, and runs on 1 blockchain.
Is USDL pegged 1:1 to the US dollar?
USDL targets 1 USD. At the last update it traded at $0.9794, a deviation of -2.06%, which we classify as "depegged".
What backs USDL?
USDL is a crypto-backed stablecoin. USDL 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 USDL on?
USDL is live on 1 blockchain. The largest by supply are PulseChain ($1.2M).
How much USDL is in circulation?
About $1.2M of USDL was in circulation at the last update, -0.9% over 30 days. That makes it the #210 stablecoin by supply among those we track.
Is USDL safe?
No stablecoin is risk-free. As a crypto-backed design, USDL'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.