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



# Origin Dollar (OUSD)

**Peg:** US Dollar

**Backing:** Crypto-Collateralized

**Governance:** CeFi-Dependent

**Status:** active

## Overview

Yield-bearing rebasing USDC wrapper that deploys deposits into Morpho and Curve strategies; non-opted holders subsidize opted holders, with a near-best-in-class permissionless redemption backstop. Origin Dollar is 100% backed by USDC deployed into Morpho vaults (65%) and Curve {{term:amo}}AMO{{/term}} LP positions (35%), {{term:yield-bearing}}rebasing daily{{/term}} so your balance grows without staking or locking — the clever twist being that smart contracts must explicitly opt in to receive yield, so OUSD in non-opted AMM pools effectively subsidizes everyone else's returns. The 94-rated backstop with permissionless atomic stablecoin {{term:redemption}}redemption{{/term}} at 0.25% fee is among the strongest of any yield-bearing stablecoin, providing a structural floor that the 181 depeg events have tested but never broken. The exotic collateral quality and wrapper governance classification reflect what OUSD actually is: a USDC yield strategy with a rebasing token wrapper, not an independent stablecoin with its own reserve management. A well-engineered product for the small cohort of users who want DeFi yield without the DeFi homework, on a shrinking market cap that suggests the cohort is indeed small.

## Collateral

USDC deployed into DeFi strategies (Morpho, Curve)

## Peg Mechanism

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. Yield is distributed via daily rebasing.

## Contracts

| Chain | Address | Decimals |
| --- | --- | --- |
| ethereum | `0x2a8e1e676ec238d8a992307b495b45b3feaa5e86` | 18 |
| astar | `0x29f6e49c6e3397c3a84f715885f9f233a441165c` | 18 |

## Live Data

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