EBUSD, issued by the Ebisu Money Protocol smart contracts under the governance of Ebisu tokenholders, is an overcollateralized decentralized stablecoin that targets a 1:1 peg to the U.S. dollar (USD) and is minted against crypto collateral [S1][S2][S3].

EBUSD references the U.S. dollar (USD) at a $1 target maintained through redemption arbitrage rather than a price-tracking wrapper [S2]. Holders of EBUSD itself receive no yield; real yield accrues to Stability Pool depositors, who earn borrower interest, fees, and liquidated collateral, and to borrowers who set their own annual interest rate [S1][S2]. Borrowing bears an upfront fee added to debt at trove open, and redemptions bear a time-decaying redemption fee [S2].

EBUSD is not issued by a single corporate entity; it is protocol-issued debt minted by smart contracts against a user's own collateral through Collateralized Debt Positions, representing no balance-sheet claim [S2][S3]. The operating company, Ebisu Operations Corp., is based in Panama, governs its Terms under Panamanian law, and disclaims fiduciary duties, custody, and execution, settlement, or clearing services [S3]. The Services are non-custodial; users retain control of deposited assets at all times [S3]. Access is not offered to U.S. persons or residents of enumerated Restricted Territories including Iran, Cuba, North Korea, and Venezuela [S3]. Any holder may redeem EBUSD for $1 of collateral below peg [S2].

EBUSD is an ERC-20 token with live deployments on Ethereum and Plasma, and Base listed among selectable networks [S2][S4]. Users mint by depositing collateral and opening a trove subject to per-branch minimum collateralization ratios of roughly 115% to 135%, settling onchain and atomically per transaction [S2]. Collateral pricing uses an onchain price feed oracle [S2].

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    { id: "S1", url: "https://ebisu.money/" },
    { id: "S2", url: "https://ebisu.money/assets/index-CJyip3M0.js" },
    { id: "S3", url: "https://ebisu.money/privacy" },
    { id: "S4", url: "https://ebisu.money" },
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Stablecoins

Ebisu operates through smart contracts that automate lending and borrowing mechanisms, utilizing algorithmic interest rate models and collateralization protocols to manage risk. The platform likely employs decentralized governance mechanisms and incentive structures to maintain market stability and encourage participation from both lenders and borrowers in the stablecoin credit ecosystem.

The platform provides a decentralized credit market specifically designed for stablecoins, enabling users to lend and borrow stablecoin assets in a permissionless environment. Ebisu facilitates efficient price discovery and liquidity provision for stablecoin credit markets while maintaining the trustless and transparent properties of blockchain technology.

Ebisu is a decentralized finance (DeFi) protocol that operates as a stablecoin-focused credit marketplace on the blockchain.

ebUSD StablecoinEBUSD