omUSD is 100% backed by the dollar value equivalent to the OUSG held by the protocol. The DAO cannot use the funds. omUSD only issued against the deposit of 1$ of OUSG.

Stablecoins

omUSD: the first digital cash backed by liquid, tokenized U.S. government debt. Unlike other RWA-backed stablecoins, Open Money is a DAO, free from centralized control or key individuals. It’s a truly decentralized, community-driven stablecoin, with 90% of governance tokens set to belong to the community.

Open Money DAO

Open Money USD

US Dollar

In order to burn omUSD token, burner should request redemption by calling depositOmUSD function of a FinanceHub smart contract (0xBD47522daFC402f64519de1FA86007A894fEe898). Minimum burn amount is a parameter controlled by DAO, initially set to 1k omUSD.  If at least one burning deposit is registered, any Ethereum user can call requestRedemptionDAO function which will send OUSG amount, equal to omUSD aggregated at the moment of redemption request, to OUSG protocol. After processing redemption request by Ondo the redemption process can be finalized by calling distributeUSDC function burn omUSD and receive USDC and distribute it to original burners with 1:1 ratio to their omUSD burns.

In order to mint omUSD token, minter should request mint by calling depositUSDC function of a FinanceHub smart contract (0xBD47522daFC402f64519de1FA86007A894fEe898). Minimum deposit is a parameter controlled by DAO, initially set to 1k USDC.  If at least one deposit is registered, all deposited tokens should be processed by calling requestSubscription function which can be called by any Ethereum user. This function, once called, forwards accumulated USDC to the OUSG protocol, and await for Ondo preccessing. After receiving approval from Ondo any user can execute claimOmUSD function and mint omUSD and distributes it to original depositors with 1:1 ratio to their USDC deposits.

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