OUSD is Origin Protocol's yield-bearing rebasing USDC wrapper; deposits are deployed across Morpho and Curve strategies and yield is paid via rebase. The static profile records its US Dollar peg mechanism as: Minted 1:1 against USDC into the OUSD Vault, which deploys backing into Morpho lending and a Curve OUSD/USDC AMO; $1 par is held by 1:1 Vault redemption to USDC (a ~10 minute buffer delay, up to 24 hours when the buffer needs to be refilled) plus instant Curve AMO swap arbitrage.

As of Oct 24, 2026, Pharos grades OUSD B- (67/100) on its Safety Score. Pharos's reviews record that admin controls such as a pause or an upgradeable contract exist, though no power to freeze a specific holder was found, and any holder can use its reviewed redemption route. That grade is in the Score's upper band, which does not rule out losses. The grade moves as reserve, redemption, peg and control evidence changes; the live Safety Score on this page shows the current reading.

Pharos records OUSD's reserves in its review of Jul 14, 2026 as 100% USDC deployed through Morpho lending and Curve liquidity strategies. Reserve evidence: Real-Time PoR by Origin Analytics dashboard. Pharos classifies the backing as Crypto-Collateralized.

Based on tracked contract metadata and blacklist coverage, admin controls such as a global pause or an upgradeable contract are recorded, but the review found no active power to freeze or seize a specific holder's balance on material deployments.

Under the route Pharos reviewed on Mar 23, 2026, any holder can redeem OUSD for USDC. Redemption settles atomically on-chain. The reviewed redemption fee is 0.25%. Whether a given holder qualifies is set by the route's own terms, not by this summary.