US Permissionless Dollar (USPD) is a crypto-backed US dollar stablecoin. It has about $98.9M in circulation, ranking #51 among the stablecoins CoinScoop tracks, and runs on 2 blockchains.
What is USPD?
US Permissionless Dollar (USPD) is a crypto-backed US dollar stablecoin. It has about $98.9M in circulation, ranking #51 among the stablecoins CoinScoop tracks, and runs on 2 blockchains.
In the issuer's words: USPD is a permissionless over-collateralized stablecoin backed by staked ETH with built-in yield pass-through to holders and autonomous peg maintenance via a stabilizer architecture.
USPD supply history
USPD supply grew 30,766.8% over the past 30 days, to $98.9M. It is at or near its all-time high.
Is USPD holding its peg?
There is no live market price for USPD. It is not actively traded on any exchange or DEX we can see, which is common for bank-issued and permissioned stablecoins that are only minted and redeemed directly with the issuer.
Where USPD lives: supply by blockchain
Supply is concentrated: Ethereum holds 100% of all USPD. Moving it to another chain means bridging, or a mint and redeem through the issuer.
How USPD is backed
USPD 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: Mint or Burn with a guaranteed 1:1 ETH/USD dollar price (USPD Dollar Peg) via https://uspd.io/mint-burn-uspd.
Reserve reports and audits: uspd.io
USPD 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.
Copies of a stablecoin moved by third-party bridges depend on those bridges. Prefer the issuer's native contract on each chain.
Rules such as the US GENIUS Act and the EU's MiCA can restrict which stablecoins exchanges list in a given country.
USPD vs USDT and USDC
Similar crypto-backed stablecoins
See all →
USPD FAQ
What is USPD?
US Permissionless Dollar (USPD) is a crypto-backed US dollar stablecoin. It has about $98.9M in circulation, ranking #51 among the stablecoins CoinScoop tracks, and runs on 2 blockchains.
What backs USPD?
USPD is a crypto-backed stablecoin. USPD 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 USPD on?
USPD is live on 2 blockchains. The largest by supply are Ethereum ($98.9M), Base ($10).
How much USPD is in circulation?
About $98.9M of USPD was in circulation at the last update, +30,766.8% over 30 days. That makes it the #51 stablecoin by supply among those we track.
Is USPD safe?
No stablecoin is risk-free. As a crypto-backed design, USPD'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. It currently shows "no market price" on our peg monitor. This page is information, not investment advice.