---
title: "Theo thUSD (THUSD) Stablecoin Analytics"
canonical: "https://pharos.watch/stablecoin/thusd-theo/"
description: "Build-time stablecoin profile for Theo thUSD (THUSD). Live price, supply, peg, liquidity, and flow data are served by the Pharos API."
dateModified: "2026-09-29"
---



# Theo thUSD (THUSD)

**Peg:** US Dollar

**Backing:** Real-World Asset Backed

**Governance:** Centralized (CeFi)

**Status:** active

## Overview

thUSD is Theo's dollar stablecoin, minted and redeemed 1:1 against USDC or USDT by whitelisted parties through a backend-signed minter contract, while most users buy it on Uniswap or Curve. The central trade-off sits in the backing: per Theo's transparency dashboard on 29 September 2026, 73.3% of reserves ran a delta-neutral gold carry (leased physical gold hedged with short CME futures and Treasury margin) and 26.6% sat in thBILL, so a dollar peg rests on gold-lease credit, futures basis, and margin risk rather than bank deposits. Yield accrues only to sthUSD stakers, leaving the token itself non-yield-bearing. {{term:redemption}}redemption{{/term}} is issuer-gated rather than open, and the whitelist, per-block caps, and two-day timelock governing mint-logic changes are the durable constraints on exit. The coin carries a N/A report-card verdict.

## Collateral

Delta-neutral gold carry position (long leased physical gold, short CME gold futures, Treasury-bill margin) plus thBILL tokenized Treasuries and USDC/USDT redemption liquidity; per the live transparency dashboard the reserve is roughly three-quarters gold carry and one-quarter thBILL

## Peg Mechanism

1:1 mint and redemption against USDC or USDT through the whitelisted ThUSDMinter contract using EIP-712 signed backend orders with per-block caps and on-chain collateral invariants; unstaked backing sits in cash equivalents and T-bills while staked thUSD (sthUSD) receives the gold carry yield; secondary liquidity on Uniswap and Curve

## Jurisdiction

| Country | Regulator | License |
| --- | --- | --- |
| Panama | N/A | N/A |

## Contracts

| Chain | Address | Decimals |
| --- | --- | --- |
| ethereum | `0xa3fe5c7596024e6811e14f029937d5bd8ae485b3` | 6 |
| stable | `0x9aa9aa0530a6af70ee7bc47cf1240100f514b065` | 6 |
| arbitrum | `0x9aa9aa0530a6af70ee7bc47cf1240100f514b065` | 6 |

## Live Data

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