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



# Tangent USD (USG)

**Peg:** US Dollar

**Backing:** Crypto-Collateralized

**Governance:** CeFi-Dependent

**Status:** active

## Overview

Tangent's USG is a {{term:cdp}}CDP{{/term}} stablecoin for productive DeFi collateral (Curve LP, Pendle PTs) that explicitly skips {{term:redemption}}redemption{{/term}} in favor of Peg Keepers and dynamic interest rates to push borrowers toward repayment. Tangent Finance — which pivoted from the Convergence protocol after an August 2024 exploit — has deployed USG as an {{term:overcollateralization}}overcollateralization{{/term}} {{term:cdp}}CDP{{/term}} stablecoin for productive DeFi collateral: Curve LP tokens, Pendle PTs, and other {{term:yield-bearing}}yield-bearing{{/term}} or LP positions rather than plain ETH collateral. The peg mechanism borrows from crvUSD's playbook but explicitly skips redemptions: Peg Keepers, dynamic interest rates, and reward deductions become more aggressive when USG weakens, pushing borrowers toward repayment while directing revenue back to liquidity and sUSG. USG itself is not the {{term:yield-bearing}}yield-bearing{{/term}} token; sUSG is the Yearn v3 savings wrapper that receives 25% of protocol revenue. Tangent now lists five audit reports — Sherlock, Egis, two Pashov reviews, and Zerocool — and Etherscan shows the Ethereum USG contract live with 40.02 million tokens outstanding, though the public site still exposes placeholder APY/TVL metrics and no CoinGecko or DefiLlama market row. The design bets that DeFi-native collateral can be more capital-efficient than traditional {{term:cdp}}CDP{{/term}} models, while inheriting the composability risk of every protocol whose tokens it accepts and a {{term:liquidation}}liquidation{{/term}} surface that depends on each underlying market's liquidity.

## Collateral

Over-collateralized productive DeFi collateral, including Curve Finance LP tokens, Pendle PTs, and other yield-bearing or LP positions from protocols such as Curve, Convex, Stake DAO, and Spectra; current collateral exposure is materially tied to stablecoin LP routes, including USDC-paired pools.

## Peg Mechanism

USG has no collateral redemption path. Tangent targets the peg with Peg Keeper contracts, price-dependent reward deductions, and dynamic interest: HEC borrowers can be interest-free while USG stays above each market's threshold but lose more collateral rewards as USG falls, while LEC borrowers pay price-dependent interest immediately.

## Contracts

| Chain | Address | Decimals |
| --- | --- | --- |
| ethereum | `0xB1c2Db5d6cA03FCe73dBd304d320bF76C55Ae1B1` | 18 |

## Live Data

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