---
title: "Indigo iUSD (iUSD) Stablecoin Analytics"
canonical: "https://pharos.watch/stablecoin/iusd-indigo-protocol/"
description: "Build-time stablecoin profile for Indigo iUSD (iUSD). Live price, supply, peg, liquidity, and flow data are served by the Pharos API."
dateModified: "2026-05-15"
---



# Indigo iUSD (iUSD)

**Peg:** US Dollar

**Backing:** Crypto-Collateralized

**Governance:** Decentralized (DeFi)

**Status:** active

## Overview

Cardano-native synthetic dollar minted from overcollateralized Cardano-asset CDPs; Cardano supply remains curated rather than live-verified. Indigo iUSD is a Cardano synthetic dollar minted against overcollateralized positions in Indigo Protocol. Its risk profile is a classic crypto-CDP profile: collateral volatility, liquidation execution, oracle quality, and governance all matter. Pharos stores the Cardano asset identifier and DefiLlama provider ID, but Cardano supply is not yet live-verified. The reserve view stays curated until a Cardano-capable verification path exists. Risk is dominated by classic {{term:cdp}}CDP{{/term}} dynamics: collateral volatility against the {{term:overcollateralization}}overcollateralization{{/term}} ratio and the maturity of the {{term:liquidation}}liquidation{{/term}} venue on Cardano.

## Collateral

ADA-only collateral in overcollateralized Indigo Protocol CDP vaults; deposited ADA continues earning Cardano staking rewards via CDP Liquid Staking

## Peg Mechanism

Overcollateralized ADA-backed CDP synthetic dollar that tracks the median oracle price of USDC, USDT, and TUSD (fault-tolerant triple-peg). Solvency is maintained by per-iAsset Stability Pools that absorb liquidations of undercollateralized CDPs (Stability Providers paid in ADA collateral plus INDY), plus V2 redemptions (RMR hard peg) and a DAO-set variable interest rate (soft peg). Collateral parameters and MCR are governed by the INDY DAO

## Contracts

| Chain | Address | Decimals |
| --- | --- | --- |
| cardano | `f66d78b4a3cb3d37afa0ec36461e51ecbde00f26c8f0a68f94b6988069555344` | 6 |

## Live Data

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