Profile
ftUSD profile facts
Flying Tulip USD (ftUSD) static profile: governance model CeFi-Dependent; backing model Crypto-Collateralized; peg US Dollar.
- Collateral
- Cross-chain reserves contain USDC, USDT, Sonic USSD, Ethereum USDe and Ethereum crvUSD in strategy wrappers across Ethereum, Sonic and BNB Smart Chain, as observed in the issuer dashboard snapshot dated 2026-10-10. The live Ethereum strategy borrows WETH and stakes into wstETH exposure; Sonic borrows wS and stakes into stS exposure; BNB Smart Chain borrows WBNB and stakes into asBNB 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, Sonic and BNB Smart Chain, 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
Source: Pharos registry profile fields. Live price, supply, reserve, liquidity, event, and safety data load in the interactive dossier on this page.
ftUSD quick answers
5
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.
Is ftUSD safe?
As of Nov 8, 2026, Pharos grades ftUSD C+ (63/100) on its Safety Score. Pharos's reviews record that the issuer or an admin can freeze individual holders' balances, and any holder can use its reviewed redemption route. That is a middle-band grade: it meets baseline expectations but carries meaningful weaknesses. The grade moves as reserve, redemption, peg and control evidence changes; the live Safety Score on this page shows the current reading.
What backs ftUSD?
Pharos records ftUSD's reserves as of Oct 29, 2026 as 64.3% USDC strategy wrappers (Ethereum, Sonic, and BNB Smart Chain), 35.1% USDT strategy wrappers (Ethereum and BNB Smart Chain), 0.4% crvUSD strategy wrapper (Ethereum), and 2 smaller holdings. Reserve evidence: Real-Time PoR. Pharos classifies the backing as Crypto-Collateralized.
Can ftUSD be frozen or blacklisted?
Based on tracked contract metadata and blacklist coverage, issuer or admin freeze controls are recorded.
How do you redeem ftUSD?
Under the route Pharos reviewed on Oct 9, 2026, any holder can redeem ftUSD for USDC and USDT. Redemption settles atomically on-chain. The fee is variable or not fully published. Whether a given holder qualifies is set by the route's own terms, not by this summary.
