---
title: "Dialectic USD (DUSD) Stablecoin Analytics"
canonical: "https://pharos.watch/stablecoin/dusd-dialectic/"
description: "Build-time stablecoin profile for Dialectic USD (DUSD). Live price, supply, peg, liquidity, and flow data are served by the Pharos API."
dateModified: "2026-07-29"
---



# Dialectic USD (DUSD)

**Peg:** US Dollar

**Backing:** Crypto-Collateralized

**Governance:** CeFi-Dependent

**Status:** active

## Overview

DUSD is a USDC-accounted Makina strategy share, not a fixed-dollar claim. Depositors hand USDC to a Makina Machine operated by Dialectic, and the share price moves with the strategy's marked AUM rather than promising a constant $1 redemption value.

The portfolio rotates across DeFi lending, AMM, credit, and incentive venues through Makina Calibers and a Risk-Manager-approved instruction set. Pharos now reads Makina's live strategy accounting for portfolio buckets, AUM, debt, share supply, and reference NAV, while retaining a reviewed static fallback when the API is unavailable. That live feed is useful, but it is still first-party strategy accounting rather than independent attestation. Exits are queued, not atomic: DUSD holders request USDC through the AsyncRedeemer FIFO queue, face a documented minimum finalization delay, and depend on the operator freeing accounting-token liquidity. Access can also be gated by whitelist settings, so redemption access is separate from transferability. The DUSD share token itself has no reviewed local freeze path, but the strategy inherits upstream USDC freeze exposure through its accounting token and positions. Read DUSD as an actively managed {{term:yield-bearing}}yield-bearing{{/term}} strategy share with operational guardrails, queued exits, and portfolio risk — not as a par-{{term:redemption}}redeemable{{/term}} payment stablecoin.

## Collateral

USDC deposited into the Dialectic USD Makina Machine and deployed by the Dialectic operator into AMM liquidity and money-market positions through Calibers on Ethereum, Base, Arbitrum, and Monad; execution is bounded by a Risk-Manager-curated Merkle instruction set, per-position and per-swap loss caps, and base-token allowlists, and an optional Security Module stakes DUSD shares as a slashable first-loss buffer

## Peg Mechanism

DUSD is not par-redeemable. Its price is the Machine's AUM divided by share supply in USDC terms, so it appreciates with strategy yield and can fall when the strategy loses value or the Security Council forces an AUM update past the share-price rate limit. Deposits mint shares atomically at the current share price through the DirectDepositor; exits go through the AsyncRedeemer FIFO queue with a 12-hour minimum finalization delay and settlement that depends on the operator freeing accounting-token liquidity

## Contracts

| Chain | Address | Decimals |
| --- | --- | --- |
| ethereum | `0x1e33e98af620f1d563fcd3cfd3c75ace841204ef` | 18 |
| ink | `0xa95c8ff7be2a1c898fe01b90fdc9621e8ea5c9fc` | 18 |

## Live Data

Real-time price, supply, peg score, liquidity, and flow data live at https://api.pharos.watch/api/stablecoin/dusd-dialectic.