USDx is a meta-stablecoin backed by a basket of regulated stablecoins (1 USDx = 80% USDC + 10% TUSD + 10% PAX), with constituents and weighting adjustable through on-chain governance
USDx carries a number of benefits including:
Fiat-back stablecoin implementing systematic interests (USR)
Strong peg and robust trust model
Risk diversification with minimal single point failure risk
Multi-layer risk buffers
Anyone can use the protocol to mint USDx when conditions are met (i.e.: 1 USDx = 80% USDC + 10% TUSD + 10% PAX). For requests that failed to satisfy the condition, constituents will be temporarily locked in a smart contract (constituent pool) pending for minting. You can choose to cancel the request and withdraw your deposit at any time.
Outstanding USDx always equals the total balance of collaterals. Smart contract ensures its transparency and auditability which can be verified through the Ethereum browser.
Anyone can use the protocol to redeem USDx for a basket of constituent stablecoins at any time. Collaterals (constituent stablecoins) will be unlocked from smart contract and corresponding amount of USDx will be burned.
Please note that 0.1% of redeemed USDx in dollar value dominated in DF will be consumed to facilitate the disaggregation of USDx.
The selection and weighting of constituent stablecoin is assessed based on the following parameters:
Transparency & regulatory compliance
Daily trading volume and OTC liquidity
Number of supported exchanges
DF token holders can propose through governance portal for the addition, removal, replacement, or adjustment to the constituents of USDx.
USR (USDx Saving Rate) is the interest rate paid to USDx deposits saved in a specific smart contract.
USR is funded by interests earned by stablecoin reserves of USDx, which are automatically converted to dTokens and supplied to lending protocols to earn interests.
As a critical feature of USDx stablecoin, USR delivers the following benefits to USDx holders:
Simple and efficient. USDx holders can earn interest income by simply depositing USDx into USR protocol. Interest is calculated on every block.
Minimized liquidity risks. Instant withdrawal of USDx (plus interest gained) is supported.
Fiat-stablecoin with attractive saving yield. dForce lending protocols will support USDx alongside USR, which would allow users to take advantage of both USR+USDx supply rates, a combined yield that could outperform all other fiat-stablecoins saving rate in the market.
Mint and disaggregate USDx: USDx Protocol
USR (USDx Saving Rate): USR Protocol