---
title: "Orki USD (USDK) Stablecoin Analytics"
canonical: "https://pharos.watch/stablecoin/usdk-orki/"
description: "Build-time stablecoin profile for Orki USD (USDK). Live price, supply, peg, liquidity, and flow data are served by the Pharos API."
dateModified: "2026-05-15"
---



# Orki USD (USDK)

**Peg:** US Dollar

**Backing:** Crypto-Collateralized

**Governance:** Decentralized (DeFi)

**Status:** active

## Overview

Orki's USDK brings Liquity V2's immutable {{term:cdp}}CDP{{/term}} architecture to Swellchain, betting the protocol on LST/LRT collateral and the restaking thesis staying solvent. Orki Finance brings Liquity V2's immutable {{term:cdp}}CDP{{/term}} architecture to Swellchain, accepting LST and LRT collateral like swETH and rswETH to mint USDK — a design that bets the entire protocol on the restaking thesis staying solvent. At roughly $10K in circulation, USDK is less a functioning stablecoin and more a proof of concept that Liquity's code can be deployed wherever restaked ETH derivatives accumulate. The collateral mix of liquid staking and liquid restaking tokens earns an alt-lst-bridged-or-mixed quality classification, reflecting the layered smart contract risk inherent in assets that are themselves wrappers of wrappers. User-set interest rates and permissionless collateral {{term:redemption}}redemption{{/term}} with Liquity-style dynamic fees preserve the decentralized governance story — no admin keys, no multisig, no entity to call when things go sideways. Whether Swellchain generates enough DeFi activity to justify a native {{term:overcollateralization}}overcollateralized{{/term}} dollar remains the open question, but at least the architecture is honest about what it is: a minimalist borrowing primitive for restaking degens who want leverage without leaving the chain, with Liquity-style {{term:liquidation}}liquidations{{/term}} as the only safety net.

## Collateral

WETH, weETH, rswETH, and swETH in overcollateralized Liquity v2-style CDP markets on Swellchain; the configured SWELL branch is currently shut down in live on-chain telemetry

## Peg Mechanism

Overcollateralized CDP with Liquity v2-style user-set interest rates and direct on-chain redemption for underlying collateral; Stability Pools absorb liquidations per collateral market

## Contracts

| Chain | Address | Decimals |
| --- | --- | --- |
| swellchain | `0x0000baa0b1678229863c0a941c1056b83a1955f5` | 18 |

## Live Data

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