OpenDollar USDO (USDO) is a fiat-backed US dollar stablecoin. It has about $14.5M in circulation, ranking #117 among the stablecoins CoinScoop tracks, and runs on 2 blockchains.
What is USDO?
OpenDollar USDO (USDO) is a fiat-backed US dollar stablecoin. It has about $14.5M in circulation, ranking #117 among the stablecoins CoinScoop tracks, and runs on 2 blockchains.
In the issuer's words: The OpenEden OpenDollar (USDO) is a rebasing yield-bearing stablecoin issued by OpenEden Digital (OED), a Bermuda Monetary Authority (BMA) licensed digital asset issuer. OED is a wholly owned subsidiary of OpenEden Group (OEG). The value of USDO is fixed at $1, providing stability to its holders while offering a yield on the underlying reserve assets. USDO rebases daily, which allows holders to earn yield generated from reserves backed by U.S. Treasury Bills.
USDO supply history
USDO supply fell 19.0% over the past 30 days, to $14.5M. Its peak was $299M in July 2025, and supply is 95% below that high.
Is USDO holding its peg?
USDO is trading 0.5–2% from its target. Small coins often drift like this on thin markets. A gap that persists usually reflects redemption friction or doubts about the backing.
Where USDO lives: supply by blockchain
Supply is concentrated: Ethereum holds 99% of all USDO. Moving it to another chain means bridging, or a mint and redeem through the issuer.
How USDO is backed
Each USDO 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: USDO can be minted on a primary basis using USDC or TBILL as collateral on the OpenEden platform. USDO is fully-backed 1:1 by tokenized short-term U.S. Treasury Bills.
USDO 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 $14.5M 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 USDO traded at $0.9942 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.
USDO vs USDT and USDC
Similar fiat-backed stablecoins
See all →
USDO FAQ
What is USDO?
OpenDollar USDO (USDO) is a fiat-backed US dollar stablecoin. It has about $14.5M in circulation, ranking #117 among the stablecoins CoinScoop tracks, and runs on 2 blockchains.
Is USDO pegged 1:1 to the US dollar?
USDO targets 1 USD. At the last update it traded at $0.9942, a deviation of -0.58%, which we classify as "slightly off peg".
What backs USDO?
USDO is a fiat-backed stablecoin. Each USDO 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 USDO on?
USDO is live on 2 blockchains. The largest by supply are Ethereum ($14.4M), BSC ($149K).
How much USDO is in circulation?
About $14.5M of USDO was in circulation at the last update, -19.0% over 30 days. That makes it the #117 stablecoin by supply among those we track.
Is USDO safe?
No stablecoin is risk-free. As a fiat-backed design, USDO'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 "slightly off peg" on our peg monitor. This page is information, not investment advice.