USD0 is 100% backed by the dollar value equivalent to the USYC held by the protocol. USD0 is only issued against the deposit of 1$ of USYC (at the daily value provided by the Hashnote administrator's fund oracle). 100% of USYC is segregated at the previously provided address. The DAO cannot use the funds, they are passively preserved.

Stablecoins

Hashnote

https://gitbook.usual.money/ressources-and-ecosystem/usd0-risk-policy/financial-risk/insurance-fund

USD0 is a fiat-backed stablecoin issued by Usual, offering real-time transparency and secured by short-term U.S. Treasury Bills. It aims to bridge traditional finance and decentralized finance, providing stable, reliable, and fully collateralized digital currency for the DeFi ecosystem.

FinCEN - Financial Crimes Enforcement Network

USD0 is not collateralized by commercial currency or exposed to a deposit account. Therefore, USD0 is not exposed to the fractional reserve of banks.USD0 is based on the regulated architecture of Hashnote structured in the form of a regulated MMF. Hashnote's assets are in custody at BNY ensuring to avoid any counterparty risk.

Usual

United States of America

Hashnote is multi-strategy onchain asset manager that is offering yield-enhanced cash/treasury and portfolio management products by implementing a unique approach to asset management.  

Usual USD

US Dollar

The user can redeem their USD0 at any time as long as they are whitelisted by Hashnote. They deposit USD0 and receive USYC in return. The redemption is done 1:1 in dollar modulo 10 bips of fees. The protocol takes the last price displayed by the Hashnote oracle to calculate the amount of USYC refunded. USD0 is equivalent to 1$.

Direct Method: By depositing an USYC into the protocol to receive an equivalent amount of USD0 on a 1:1 basis.

"KYC/AML handle by Hashnote & USUAL on the primary market.
KYC/KYB, geoblocking, risk-approache (screening wallet)"

Indirect Method: By depositing USDC into the protocol to receive USD0 on a 1:1 basis. In this method, a third party known as the Collateral Provider (CP) supplies the necessary USYC collateral, enabling users to obtain USD0 without directly holding USYC.

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holder breakdowns