We solve the trilemma
A dollar stablecoin that is stable, capital-efficient and decentralized at the same time. Deposit ETH, receive USC at one dollar each, and check what backs it, live.
Running on test networks: test tokens have no value, the contracts are unaudited, and one administrator key controls them. Read the risks.
All three, at once
Stablecoins have always had to pick two of three. USC is built so you do not have to choose.
Stable
Every USC is backed by ETH and CAPE held in the Treasury, and the backing is published live.
80% ETH, 20% CAPE behind every new USC
Capital-efficient
One dollar in, one USC out. The margin above a dollar comes from the protocol, not from your deposit.
$1 in, 1 USC out, no extra collateral
Decentralized
Minting, redemption and savings are enforced by smart contracts, not a company, and every reserve can be checked on chain.
Every rule and every reserve on chain
On the testnet, an administrator key controls the contracts so that fixes ship quickly. At launch, the system will be controlled by its community.
Where your dollar goes
$100.00
ETH you send on Sepolia
First you send ETH on Sepolia.
$99.90
your claim on chain 9000, as mETH
The Merchant holds it; you get a claim.
99.76 USC
minted for you
The Treasury mints USC, 80% ETH, 20% CAPE.
$99.50
ETH back when you leave
To leave, hand USC back for ETH.
Earn a fixed rate
Lock USC for 180 days. The rate is fixed on the day you deposit, and it is set by how well USC is backed: the higher the backing, the lower the rate. Move the sliders to see it.
1,028.60
USC back after 180 days
Fixed rate 5.80% · interest +28.60 USC · today to in 180 days
iHow it works
The rate is 7% when backing is 1.00 or less and 4% at 1.50 or more, in a straight line between. Interest is paid from the savings pot's rewards; if they ever cannot cover what is owed, you receive what is there and the shortfall is recorded on chain. If you miss the window after maturity, the deposit rolls into another 180 days at that day's rate.
Three ways to hold it |
HoldA dollar in your wallet | SaveFixed rate, 180 days | PairPool fees on twice your money |
|---|---|---|---|
| What you earn | Nothing; it stays a dollar | 4% to 7% a year, fixed at deposit | Trading fees above a fixed 9% a year |
| How long | As long as you like | 180 days | Until you close it |
| Taking it out early | Any time | Not possible | Any time |
| Price risk | Only if backing falls below 1.00 | Only if backing falls below 1.00 | All of it, a little more than holding the ETH |
| Size | No limit | No limit | 50 to 1,000 USC per wallet on testnet |
| Runs on | Chain 9000 | Chain 9000 | Sepolia |
| Adding money costs about 0.24% and withdrawing about 0.26%. Network gas is extra. | Open the app | Start saving | Open the app |
Three ways to hold it
Hold
A dollar in your wallet
- What you earn
- Nothing; it stays a dollar
- How long
- As long as you like
- Taking it out early
- Any time
- Price risk
- Only if backing falls below 1.00
Save
Fixed rate, 180 days
- What you earn
- 4% to 7% a year, fixed at deposit
- How long
- 180 days
- Taking it out early
- Not possible
- Price risk
- Only if backing falls below 1.00
Pair
Pool fees on twice your money
- What you earn
- Trading fees above a fixed 9% a year
- How long
- Until you close it
- Price risk
- All of it, a little more than holding the ETH
- Size
- 50 to 1,000 USC per wallet on testnet
Adding money costs about 0.24% and withdrawing about 0.26%. Network gas is extra.
What backs one USC?
iHow it works
The Treasury's holdings divided by the USC in circulation. USC locked in savings, matched into the pool but not yet traded out, or held for an undrawn crisis line is not counted, because nobody can spend it. If the backing falls below 1.10, the protocol borrows ETH against its staked ETH to bring it back to 1.15.
Treasury holdings for every USC in circulation. A USC holds its dollar value while this is above 1.00.
Every reserve figure
- Backing per USC
- loading
- USC in circulation
- loading
- Held by the Treasury
- loading
- ETH held on Sepolia
- loading
- Ready for withdrawals
- loading
- CAPE pool depth
- loading
- ETH price used
- loading
- CAPE price used
- loading
- New savings rate
- loading
Prices: checking. System status.