SpiceUSD (USDS) is an algorithmic US dollar stablecoin. It has about $18.0M in circulation, ranking #110 among the stablecoins CoinScoop tracks, and runs on 4 blockchains.
USDS price
$0.9991
On peg Circulating supply
$18.0M
30-day change
0.0%
Price
$0.9991
Blockchains
4
Tracked since
Apr 2022
What is USDS?
SpiceUSD (USDS) is an algorithmic US dollar stablecoin. It has about $18.0M in circulation, ranking #110 among the stablecoins CoinScoop tracks, and runs on 4 blockchains.
In the issuer's words: Spice USD (Ticker USDS) is a stablecoin soft-pegged to USD in the Spice Protocol on Avalanche.
USDS supply history
$18.6M$17.3M
Jun 9, 2025Jun 4, 2026
$18.7M$0
Apr 25, 2022Jun 4, 2026
USDS supply was flat over the past 30 days. Its peak was $18.5M in August 2022, and supply is 3% below that high.
Is USDS holding its peg?
Last price
$0.9991
Target
1.0000 USD
Status
On pegUSDS is trading within 0.5% of its target, which is normal for a healthy stablecoin.
Where USDS lives: supply by blockchain
USDS is spread across several networks. The largest, Avalanche, holds 79% of supply. Check that the token on your chain is the issuer's official contract, not a bridged copy.
How USDS is backed
USDS 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: Using the Spice Trade app, USDS can be minted by locking USDC and burning SPICE in a proportion determined by the protocol's collateral ratio.
USDS risks
Reflexive collapse
With little hard collateral, falling confidence can feed on itself, the pattern that destroyed TerraUSD in 2022.
Small and thinly traded
With $18.0M in circulation, exiting a large position may move the price. Redemption may be limited to approved customers.
Bridged versions
Copies of a stablecoin moved by third-party bridges depend on those bridges. Prefer the issuer's native contract on each chain.
Regulation
Rules such as the US GENIUS Act and the EU's MiCA can restrict which stablecoins exchanges list in a given country.
USDS vs USDT and USDC
Similar algorithmic stablecoins
See all →
USDS in the news
Crypto Market Cap Flatlines at $2.25T as Fear & Greed Index Sinks to 25 — Ethereum Leads Altcoin Bleed
Crypto Market Cap Falls to $2.25T as Fear & Greed Hits 29 — HYPE Leads 24h Losses at -5.9%, BTC Holds Above $63K
Ripple Mint Goes Live: Institutions Get API-Driven RLUSD Access as Stablecoin Nears $1.6B Market Cap
USDS guides
- Stablecoin Yield: Live Rates and Where the Interest Comes FromLive APYs for the biggest stablecoin savings and lending products, where each rate comes from, and the risks behind yields above the Treasury-bill rate.
USDS FAQ
What is USDS?
SpiceUSD (USDS) is an algorithmic US dollar stablecoin. It has about $18.0M in circulation, ranking #110 among the stablecoins CoinScoop tracks, and runs on 4 blockchains.
Is USDS pegged 1:1 to the US dollar?
USDS 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 USDS?
USDS is an algorithmic stablecoin. USDS 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 USDS on?
USDS is live on 4 blockchains. The largest by supply are Avalanche ($14.2M), BSC ($2.2M), Polygon ($981K).
How much USDS is in circulation?
About $18.0M of USDS was in circulation at the last update, 0.0% over 30 days. That makes it the #110 stablecoin by supply among those we track.
Is USDS safe?
No stablecoin is risk-free. As a algorithmic design, USDS'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 "on peg" on our peg monitor. This page is information, not investment advice.