US Permissionless Dollar token
Overview
US Permissionless Dollar (USPD) is a decentralized, permissionless, censorship-resistant stablecoin built by the team behind Morpher. It is over-collateralized (minimum 125%) by on-chain ETH held as staked ETH (stETH), rather than by bank deposits or U.S. Treasuries. Because the underlying stETH earns Ethereum staking rewards, USPD is natively yield-bearing, and its token contract has no functionality to freeze or seize holdings.
Within the DeFi Intel graph, US Permissionless Dollar connects to tracked entities, most strongly to Ethereum, Base, staked ETH.
Relations
Top connections in the DeFi Intel knowledge graph (confidence-weighted).
| Relation | Connected entity | Confidence |
|---|---|---|
deployed_on | Ethereum | 95% |
deployed_on | Base | 90% |
issued_by | Morpher | 90% |
backed_by | Ether (ETH) | 90% |
Frequently asked questions
What is US Permissionless Dollar?
US Permissionless Dollar (USPD) is a decentralized, permissionless stablecoin built by the team behind Morpher. It is over-collateralized by on-chain ETH (held as staked ETH) and cannot be frozen or seized.
How is USPD backed?
USPD is backed by on-chain ETH, not bank deposits or Treasuries. Users mint USPD by depositing staked ETH (stETH) as collateral, with each token over-collateralized by a minimum of 125%.
Does USPD earn yield?
Yes. USPD is natively yield-bearing because its underlying stETH collateral generates Ethereum staking rewards, which accrue to holders.
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