---
title: "Bima USBD (USBD) Stablecoin Analytics"
canonical: "https://pharos.watch/stablecoin/usbd-bima/"
description: "Build-time stablecoin profile for Bima USBD (USBD). Live price, supply, peg, liquidity, and flow data are served by the Pharos API."
dateModified: "2026-06-03"
---



# Bima USBD (USBD)

**Peg:** US Dollar

**Backing:** Crypto-Collateralized

**Governance:** CeFi-Dependent

**Status:** active

## Overview

a Liquity-style BTC-LST CDP stablecoin whose 150% mechanics are undermined by alt-LST collateral quality and zero secondary liquidity. Bima's USBD puts Bitcoin liquid staking derivatives into Liquity-style {{term:cdp}}CDP{{/term}} vaults at 150% minimum collateral ratio with strong {{term:overcollateralization}}overcollateralization{{/term}}, with permissionless {{term:redemption}}redemption{{/term}} for $1 of BTC-denominated collateral and a {{term:psm}}PSM{{/term}} offering near-1:1 stablecoin swaps — a sound architecture undermined by the quality of what sits inside. The B- overall grade and a peg that sits squarely on par flatter a protocol that still has no DEX liquidity and no observable secondary market across its six chains, so the calm end of the stress scale it has occupied reflects an asset few are actually trading rather than one that has been tested. The collateral is classified as alt-LST/bridged/mixed and rated high risk — meaning this is not plain BTC backing but a chain of wrappers and restaking derivatives where each layer adds {{term:bridge}}bridge{{/term}} and {{term:custody}}custody{{/term}} trust assumptions the Liquity mechanics were designed to avoid, while {{term:liquidation}}liquidation{{/term}} efficiency depends on routes that may not exist in stress. The permissionless redemption backstop is structurally strong on paper, but with no secondary market the practical exit for most holders remains an open question rather than a settled one.

## Collateral

Bitcoin liquid staking/restaking derivatives and other approved BTC wrappers deposited into BIMA vaults; the Peg Stability Module can also hold approved stablecoins such as USDC, USDP, and GUSD for peg operations

## Peg Mechanism

Liquity-style overcollateralized vaults with a 150% minimum collateral ratio; USBD can be redeemed permissionlessly for $1 of BTC-denominated collateral from the lowest-ratio vaults with a fee of coreRate + 75 bps; a Peg Stability Module adds near-1:1 USDC/USDP/GUSD swaps

## Contracts

| Chain | Address | Decimals |
| --- | --- | --- |
| ethereum | `0x6bede1c6009a78c222d9bdb7974bb67847fdb68c` | 18 |
| hemi | `0x6bede1c6009a78c222d9bdb7974bb67847fdb68c` | 18 |
| plume | `0x6bede1c6009a78c222d9bdb7974bb67847fdb68c` | 18 |
| sonic | `0x6bede1c6009a78c222d9bdb7974bb67847fdb68c` | 18 |
| bsc | `0x6bede1c6009a78c222d9bdb7974bb67847fdb68c` | 18 |
| nibiru | `0x6bede1c6009a78c222d9bdb7974bb67847fdb68c` | 18 |

## Live Data

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