---
title: "Flying Tulip USD (ftUSD) Stablecoin Analytics"
canonical: "https://pharos.watch/stablecoin/ftusd-flying-tulip/"
description: "Build-time stablecoin profile for Flying Tulip USD (ftUSD). Live price, supply, peg, liquidity, and flow data are served by the Pharos API."
dateModified: "2026-05-15"
---



# Flying Tulip USD (ftUSD)

**Peg:** US Dollar

**Backing:** Crypto-Collateralized

**Governance:** CeFi-Dependent

**Status:** active

## Overview

ftUSD is Flying Tulip's USDC/USDT-collateralized dollar with staking carry from borrowed native assets — a domesticated {{term:delta-neutral}}delta-neutral{{/term}} pitch with $225M raised and $730K used. Andre Cronje's Flying Tulip raised $225 million to build a DeFi super-app, and the stablecoin at its center has attracted roughly $730K in circulation from 20 holders — a ratio of venture capital to actual usage that would make a Web2 startup blush. The delta-neutral pitch echoes Ethena's playbook but runs a domesticated version: USDC and USDT lent into Aave with borrowed native assets staked to generate carry, no CEX perpetuals in sight. {{term:yield-bearing}}Yield{{/term}} flows exclusively to sftUSD stakers while unstaked ftUSD proceeds feed the protocol {{term:treasury}}treasury{{/term}}, a design that makes the base token a zero-yield stablecoin whose holders subsidize the protocol by default. Deployed on Ethereum and Sonic with single-entity governance, circuit breaker contracts, and full dependency on the two largest centralized stablecoins, ftUSD is less a standalone dollar and more an opt-in yield wrapper for USDC and USDT with extra steps.

## Collateral

USDC and USDT supplied to Aave for low-risk interest; this stablecoin lending is the only on-chain strategy currently live, with the delta-neutral leg (borrow a native asset such as Sonic S against the deposits and stake it for carry) documented as a staged roadmap item; distributed strategy yield routes to sftUSD stakers while unstaked ftUSD proceeds accrue to the protocol treasury

## Peg Mechanism

Mint and redeem 1:1 against USDC or USDT through on-chain MintAndRedeem contracts; deposits are currently supplied to Aave for low-risk carry, with a delta-neutral leg (borrow a native asset against the collateral and stake it) documented as a staged roadmap item targeting net market exposure near zero; ftUSD circuit-breaker contracts enforce position caps, rebalancing bands, and withdrawal rate limits

## Contracts

| Chain | Address | Decimals |
| --- | --- | --- |
| ethereum | `0xf7d85ec4e7710f71992752eac2111312e73e9c9c` | 6 |
| sonic | `0xf7d85ec4e7710f71992752eac2111312e73e9c9c` | 6 |

## Live Data

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