Flying Tulip USD (ftUSD) stablecoin analytics
Answer First
What is Flying Tulip USD (ftUSD)?
ftUSD is Flying Tulip's non-yielding base dollar; Ethereum and Sonic lend stablecoins and run borrow-and-stake carry, while sftUSD receives yield. The static profile records its US Dollar peg mechanism as: The peg and redemption rail mints and redeems ftUSD on-chain against supported stablecoins. Separately, the reserve strategy lends those deposits and runs borrow-and-stake carry on Ethereum and Sonic, using position caps, health factors...
Is ftUSD safe?
ftUSD holds a C+ Safety Score grade (61/100) in Pharos's latest published rating — a middle-tier grade that meets baseline expectations but carries meaningful weaknesses, so Pharos does not consider it clearly safe. Static metadata says Flying Tulip USD uses a CeFi-Dependent governance model and Crypto-Collateralized backing, with Real-Time PoR from Flying Tulip real-time dashboard/API (first-party indexing of publicly verifiable on-chain collateral, supply, and strategy state); the main caveat is that issuer or admin freeze controls are recorded. Treat the live peg, liquidity, reserve, dependency, and Safety Score sections below as the current risk read.
Static Profile
Static stablecoin profile
Flying Tulip USD (ftUSD) static profile: governance model CeFi-Dependent; backing model Crypto-Collateralized; peg US Dollar.
AI summary / Updated Aug 13, 2026
ftUSD is Flying Tulip's non-yielding base dollar, while sftUSD is the optional wrapper that receives strategy yield. The live reserve stack lends stablecoin collateral and runs borrow-and-stake carry on both Ethereum and Sonic: WETH into wstETH exposure on Ethereum and wS into stS on Sonic, not a short-perpetual hedge. Flying Tulip's token-sale capital is not conventional operating runway: primary FT allocations carry a perpetual put against reserved contributed assets, and the issuer says operations are funded...
AI summary · drafted by gpt-5-codex · facts as of Aug 13, 2026
Sources: ftUSD product documentation, Timestamped ftUSD dashboard API, Capital allocation and perpetual PUT, Ethereum owner Safe evidence, and Sonic owner Safe evidence
- Collateral
- Cross-chain reserves currently contain USDC, USDT, and a small Sonic USSD position supplied through Aave-compatible lending markets. The live Ethereum strategy borrows WETH and stakes into wstETH exposure; Sonic borrows wS and stakes into stS exposure. Strategy yield is distributed to sftUSD stakers while yield attributable to unstaked ftUSD accrues to the protocol. Borrow costs, staking yield, venue oracle and liquidation mechanics, withdrawal liquidity, and smart-contract execution remain backing risks.
- Peg Mechanism
- The peg and redemption rail mints and redeems ftUSD on-chain against supported stablecoins. Separately, the reserve strategy lends those deposits and runs borrow-and-stake carry on Ethereum and Sonic, using position caps, health factors, rebalancing controls, and withdrawal circuit breakers to manage leverage and liquidity.
- Jurisdiction
- Not disclosed in the static profile.
- Proof Of Reserves
- Real-Time PoR by Flying Tulip real-time dashboard/API (first-party indexing of publicly verifiable on-chain collateral, supply, and strategy state) Reserve source
Next Actions
Exact bot target: /subscribe dews,depeg,safety ftusd-flying-tulip
Source: checked-in StablecoinMeta profile fields. Live price, supply, reserve, liquidity, event, and safety data load in the interactive dossier below; the summary above was last updated Aug 13, 2026.
ftUSD quick answers
What is Flying Tulip USD (ftUSD)?
ftUSD is Flying Tulip's non-yielding base dollar; Ethereum and Sonic lend stablecoins and run borrow-and-stake carry, while sftUSD receives yield. The static profile records its US Dollar peg mechanism as: The peg and redemption rail mints and redeems ftUSD on-chain against supported stablecoins. Separately, the reserve strategy lends those deposits and runs borrow-and-stake carry on Ethereum and Sonic, using position caps, health factors...
Is ftUSD safe?
ftUSD holds a C+ Safety Score grade (61/100) in Pharos's latest published rating — a middle-tier grade that meets baseline expectations but carries meaningful weaknesses, so Pharos does not consider it clearly safe. Static metadata says Flying Tulip USD uses a CeFi-Dependent governance model and Crypto-Collateralized backing, with Real-Time PoR from Flying Tulip real-time dashboard/API (first-party indexing of publicly verifiable on-chain collateral, supply, and strategy state); the main caveat is that issuer or admin freeze controls are recorded. Treat the live peg, liquidity, reserve, dependency, and Safety Score sections below as the current risk read.
What backs ftUSD?
Pharos classifies ftUSD backing as Crypto-Collateralized. Collateral, per the static profile: Cross-chain reserves currently contain USDC, USDT, and a small Sonic USSD position supplied through Aave-compatible lending markets. The live Ethereum strategy borrows WETH and stakes into wstETH exposure; Sonic borrows wS and stakes into... Reserve evidence: Real-Time PoR from Flying Tulip real-time dashboard/API (first-party indexing of publicly verifiable on-chain collateral, supply, and strategy state).
Can ftUSD be frozen or blacklisted?
Based on tracked contract metadata and blacklist coverage, issuer or admin freeze controls are recorded. Live freeze and blacklist events for ftUSD, when applicable, appear in the dossier below.
