eUSD overview
eUSD is a decentralized, overcollateralized stablecoin. You mint it against tokenized stocks, ETFs and ETH that you hold on Robinhood Chain, keep all the upside on your collateral, and use or stake the dollars. Its backing is onchain and verifiable every block.
Key properties
| Property | Value |
|---|---|
| Collateral | 15 assets in four risk groups: ETFs (SPY, QQQ, GLD), ETH (WETH), big tech (NVDA, META, GOOGL, AAPL, TSLA, AMZN) and high growth (SPCX, MSTR, CRCL, MU, PLTR) |
| Minimum collateral ratio | 150% to 200%, by risk group (parameters) |
| Redemption value | $1.00 of collateral per eUSD, at the oracle price |
| Mint / redemption fees | None |
| Stability fee | 8% per year, about 2.5% net for minters who provide eUSD liquidity on Fables (Fees & LP rebate) |
| Prices | Around the clock, including nights and weekends (Prices & market hours) |
| Token standard | ERC-20 + ERC-2612 permit, ERC-7802 bridge rails |
| Staking | Fixed-APR vault: 16% APR on staked eUSD, paid in eUSD |
How it works
- Hold collateral. Any of the 15 listed tokens in your wallet on Robinhood Chain: Robinhood's stock and ETF tokens, or WETH.
- Deposit and mint. Deposit collateral and mint eUSD up to your group's limit, for example 66% of the value for SPY (the 150% minimum ratio). Your debt is in dollars and your collateral stays in its own token, so all the upside on it remains yours.
- Use, LP or stake. eUSD is a standard ERC-20. Provide it as liquidity on Fables for the LP rebate, or stake it for a fixed APR.
- Exit any time. Repay to unlock collateral, close the position, or redeem eUSD at face value.
One stablecoin, four risk groups
Each risk group runs in its own EUSDManager contract with its own collateral ratio, liquidation threshold and debt ceiling, and all four mint the same eUSD. Riskier collateral needs more backing: SPY can mint up to 66% of its value, MSTR up to 50%. A stressed group never touches the others: positions, liquidations and redemptions are kept per collateral. See Risk parameters.
Design lineage
The CDP engine is a fresh implementation of Liquity's design: sorted-list riskiest-first redemptions, hint-based O(1) insertion, keeper liquidations with direct burn, and value-neutral redemption as the peg anchor. That mechanism has kept LUSD solvent since 2021. Own adapts it for stock collateral, chiefly through signed prices outside market hours and per-collateral branches like Liquity v2. The full comparison is on the risk parameters page.
Why it is different from USDC or USDT
Fiat-backed stablecoins are IOUs on a bank account: an issuer holds dollars offchain and you trust their attestations. eUSD's backing is onchain and enforced by code, with liquidations and redemptions anyone can trigger. It is also productive: the collateral is stocks, ETFs and ETH, and that upside stays with the people who minted.