USDR

Ring USD (USDR)

· 48/100as of 2026-11-08

USDR is Ring Protocol's centrally controlled synthetic-dollar token; its backing composition and holder-exercisable redemption path are not publicly documented.

Updated —

USD-Pegged Crypto-Backed Centralized-Dependent

12 Sept 2025

Price

$0.9997

N/A

Market cap

$406.29K

+0.81% 24h

Supply

406.40K USDR

+0.35% 7d

+1.07% 30d

DEWSAlert45/100 · as of 2026-11-08

Peg

Liq23as of 2026-11-08

30d Excess

Price

$0.9997

N/A

Market cap

$406.29K

+0.81% 24H

Supply

406.40K USDR

+0.35% 7D · +1.07% 30D

30d Excess

MechanismCrypto-BackedMintingPermissioned FreezePossibleChains1 JurisdictionNot disclosed

MintingPermissioned FreezePossibleChains1 JurisdictionNot disclosed

The Ring Protocol Dollar

Ring Protocol's USDR is a small Ethereum dollar whose backing is undisclosed. Ring's current documentation covers its swap and token tooling but publishes no USDR reserve inventory, and the verified token contract is a role-gated mint-and-burn ERC-20 with no reserve ledger, bonding curve, or holder function. The launch transaction minted the initial supply directly to a minter address with no collateral argument, and three EOA minters can still mint to any address without a cap, alongside a launchpad contract whose minting is constrained by its own logic. Pharos therefore records the reserve stack as a single undisclosed position and does not model a redemption backstop. On the D card, backing and economic control are the two weakest pillars while the exit pillar leads, because secondary-market exit routes exist even though they share a failure domain. USDR is a long-tail dollar whose peg rests on issuer discretion and protocol liquidity rather than any documented reserve.

Updated 2026-10-19 · AI summary · drafted by claude-opus-5-5 · facts as of 2026-10-19

AI policy

CeFi-Dependent|Compare

Backing evidence

USDR

Undisclosed

Custody structure undisclosed

Review notes & sources (5)

As of 2026-08-29, Ring's current docs and CoinGecko's secondary description do not identify reserve assets or custody. The current USDR AssetToken/Core verified sources show role-controlled issuance but no reserve custody, segregation, or redemption linkage; archived RUSD PCV pages concern old addresses. Provider identity, shares, segregation, bankruptcy remoteness, and rehypothecation are issuer/source-undisclosed.

Reviewed 2026-08-29

Exit evidence

USDR Redemption route

No holder route

No issuer or protocol route lets ordinary holders redeem; holders exit through markets.

Review notes & sources (2)

Ring documents protocol-controlled reserve and liquidity management without a holder-exercisable USDR redemption claim.

docs.ring.exchange

Reviewed 2026-10-01

Control evidence

USDR Mint Authority

Permissioned minters create USDR, controlled by an EOA and two contracts; supply is unbounded under adverse authority.

Confidence: VerifiedControl posture: Single operator

Control map

IssuerPermissioned

ControlsDirect minter EOADirect minterMinter admin

SupplyUSDRUnbounded, adverse authority

Scoring breakdown

Derived posture Unknown

Component score Loading

The current Safety Score publication is loading; reviewed mint authority evidence is shown below.

Primary controls (3)

USDR Minter role (Core-gated) — 3 EOA minters
Direct minter / Externally owned account
ethereum / 0x9336d0...f10fd7
MintDirectCustodySingle-key address - custody unverifiable
Uncapped mint to any address for any MINTER_ROLE holder. Current EOA minters: 0x9336d0c…, 0x4f0aa59…, 0xf079c35…
RingLaunchpad contract minter
Direct minter / Contract
ethereum / 0x8814a2...2fba8b
MintDirect
Contract holds MINTER_ROLE; minting constrained by launchpad logic.
Ring Protocol Core / GOVERN_ROLE (minter-admin)
Minter admin / Contract
ethereum / 0xb2799e...c087d4
MintCan authorize
GOVERN_ROLE holders can grant/revoke MINTER_ROLE at will. Current GOVERN_ROLE: Core itself (0xb2799…) + 2 EOAs (0xff790875…, 0x9336d0c…). No revocations recorded.

Review notes & sources (11)

At Ethereum block 26103180, Ring USD's Core enumerates four MINTER_ROLE holders: three EOAs and RingLaunchpad. AssetToken permits an authorized minter to mint any amount to any address without a collateral or cap check. GOVERN_ROLE contains Core and two EOAs; PCV_CONTROLLER_ROLE and BURNER_ROLE have no current members.

Control posture

Material control is classified as concentrated in one issuer, protocol team, or operating entity.

CeFi-Dependent is the broader governance classification. Control posture describes more precisely where operational authority sits.

Control posture is not a Safety Score input. Economic Control is scored from the reviewed mint authority, oracle and bridge evidence.

Reviewed 2026-10-02

Price feed

Not applicableno liquidation oracle · not scored

Review notes & sources (6)

The verified USDR AssetToken mint path accepts only an account and amount, and the reviewed Core roles expose no collateral-ratio gate, reserve-ratio input, oracle call, NAV, exchange-rate quote, or liquidation engine. At finalized Ethereum block 25531699 on 2026-07-14, the current minter set was three EOAs and RingLaunchpad; the launchpad only deploys generic tokens and seeds AMM liquidity. The PCV/bonding-curve description is not tied to a price-sensitive authority in the tracked USDR issuance path, so not-applicable remains correct.

USDR is minted by Core-authorized accounts rather than borrower collateral positions; its verified deployed token and current minter set expose no collateral-price liquidation branch.

Reviewed 2026-07-14

USDR

Possible

An admin control could restrict holders, but the review found no active power to freeze or seize a specific holder's balance on its material deployments. Typical cases are a global transfer pause, an upgradeable token contract, or a blacklist role that exists but is unassigned.

Sourced review

Power and scope

PowerPossible

Review notes & sources (4)

At Ethereum block 26224761 (2026-10-19T06:14:23Z), Ring Core 0xb2799ed78490ea642d2ecb23cb2ce9b8acc087d4 returned getRoleMemberCount(BURNER_ROLE) = 0; GOVERN_ROLE has three members: Core itself, 0xff790875de1f44d4ddc1f905a2b9cf0c11116859 and 0x9336d0c82299da0ab178271792954adfd6f10fd7. The verified AssetToken 0x4ea40dcee961675683e0a2e1721bd49cb9bca913 overrides burnFrom(account,amount) with onlyBurner and burns without allowance, and CoreRef.setCore(address) is onlyGovernor, but no burner is currently assigned. The live control is therefore the governors' ability to grant BURNER_ROLE, a direct Possible rather than an active Yes. USDR has a single Ethereum deployment holding the entire on-chain supply (totalSupply = 100,400,000 at the same block), so that deployment is material.

Reviewed 2026-10-19

Bridging & deployments

Not applicableSingle-chain / native

Regulatory standing

Not reviewed

Redemption backstop not modeled

Ring Protocol materials describe protocol liquidity controls, but Pharos has not source-reviewed a holder-exercisable redemption route for backstop scoring.

Key links

Website Twitter Docs

USDR Contracts

1 deployment tracked across Ethereum.

Primary contract

Ethereum

0x4ea4...a913

View on Ethereum explorer

Ethereum0x4ea4...a913

Contract addresses (1)

Ethereum 0x4ea40dcee961675683e0a2e1721bd49cb9bca913

Supply & Liquidity

History

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Peers

All US Dollar stablecoins

Taxonomy

All US Dollar stablecoins CeFi-Dependent stablecoins Crypto-Collateralized stablecoins

Trackers

Stablecoin safety scores DEX liquidity rankings Depeg tracker

Actions

Open USDR in live compare Set USDR Telegram alerts Browse stablecoin comparisons Read the daily digest Use the Pharos API

Profile

USDR profile facts

Ring USD (USDR) static profile: governance model CeFi-Dependent; backing model Crypto-Collateralized; peg US Dollar.

CeFi-Dependent Crypto-Collateralized US Dollar

Other coins using the USDR ticker

RISE Dollar (USDR) · Active · US Dollar. RISE's USDR wraps M0's M on RISE.
StablR USD (USDR) · Frozen · US Dollar. USDR is StablR's MiCA-licensed dollar e-money token.
Revolut USD Stablecoin (USDR) · Pre-launch · US Dollar. USDR is Revolut's USD e-money token.

Collateral: Undisclosed. Ring's current docs do not identify USDR reserve assets or allocations; the verified USDR/Core contracts expose no reserve ledger or PCV linkage. CoinGecko's circular-liquidity description is secondary and uncorroborated; archived RUSD PCV docs refer to different legacy addresses.
Peg mechanism: Undisclosed for the tracked deployment. The verified AssetToken permits role-gated minting and burning through Core but exposes no bonding-curve, PCV, reserve, or holder-redemption function. CoinGecko claims circular liquidity and instant redemptions, while archived Ring docs describe an older RUSD PCV/bonding-curve design; neither is a current source mapping that mechanism to the tracked USDR deployment.
Jurisdiction: Not disclosed in the static profile.
Proof of reserves: No proof-of-reserves entry in the static profile.
Contracts: 1 deployment tracked across Ethereum.

Source: Pharos registry profile fields. Live price, supply, reserve, liquidity, event, and safety data load in the interactive dossier on this page.

USDR quick answers

What is Ring USD (USDR)?

USDR is Ring Protocol's centrally controlled synthetic-dollar token; its backing composition and holder-exercisable redemption path are not publicly documented. The static profile records its US Dollar peg mechanism as: Undisclosed for the tracked deployment. The verified AssetToken permits role-gated minting and burning through Core but exposes no bonding-curve, PCV, reserve, or holder-redemption function.

Is USDR safe?

As of Nov 8, 2026, Pharos grades USDR D (48/100) 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. That is a low-band grade, which flags significant structural risk. The grade moves as reserve, redemption, peg and control evidence changes; the live Safety Score on this page shows the current reading.

What backs USDR?

Pharos records USDR's reserves as of Aug 29, 2026 as 100% Ring protocol backing and liquidity positions (issuer allocation undisclosed). Reserve evidence: live reserve feed configured. Pharos classifies the backing as Crypto-Collateralized.

Can USDR be frozen or blacklisted?

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.

Backing evidence