invUSD, issued by the Monolith Protocol smart contracts under the governance of the protocol's governance-minimized instance operator and immutability framework, is a crypto-collateralized stablecoin that maintains a one-to-one peg to the U.S. dollar (USD) [S1][S2].

Holders receive a transferable claim pegged to the USD, backed by onchain crypto collateral pledged by borrowers who mint invUSD against collateral up to a maximum collateral factor of 85% [S1][S2]. Stakers earn yield by depositing invUSD into the per-instance staking vault, which accrues borrower interest paid by paid-debt positions after fees [S2][S3]. Holders bear a redemption fee of up to 5% and, where the Peg Stability Module buy path applies, a fee ramping to a maximum of 1% [S2][S4].

invUSD is issued by immutable Monolith Protocol smart contracts deployed on Ethereum and is not issued by a single corporate entity, with no legal sponsor and no balance-sheet liability [S1][S5]. The holder's claim is an ERC-20 stablecoin redeemable for underlying collateral from free-debt borrower positions or, via the Peg Stability Module, for the reference asset [S2][S4]. The protocol is permissionless, with no KYC, accreditation, or jurisdiction restrictions; anyone can redeem [S1][S5][S6]. Collateral is held non-custodially in the smart contracts, with no third-party custodian, and losses are handled through bad-debt socialization across remaining borrowers [S2].

invUSD is an ERC-20 token, and the associated staking vault follows the ERC-4626 standard, deployed on Ethereum mainnet with a Sepolia testnet instance [S2]. Borrowers mint by depositing collateral, or the Peg Stability Module mints one-to-one against the reference asset [S2][S4]. Redemption settles onchain and effectively immediately, priced by an external oracle feed with a staleness threshold [S2].

<Sources
  retrievedAt="2026-06-23"
  items={[
    { id: "S1", url: "https://www.monolith.market/" },
    { id: "S2", url: "https://docs.monolith.market/llms-full.txt" },
    { id: "S3", url: "https://docs.monolith.market/faq/holder-staker" },
    { id: "S4", url: "https://docs.monolith.market/protocol/peg-stability-module" },
    { id: "S5", url: "https://docs.monolith.market/security/risks" },
    { id: "S6", url: "https://docs.monolith.market/faq/general" },
  ]}
/>


Stablecoins

Monolith Market mints invUSD against crypto collateral; the token has a small circulating supply and a limited holder base.

Monolith Market issues invUSD, a USD-pegged crypto-backed stablecoin on Ethereum. The token has a small circulating supply (~$41K) and a limited number of on-chain holders.

Monolith Market is the issuer of the invUSD crypto-backed stablecoin used across decentralized finance applications on Ethereum.

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Stablecoin issuers

Monolith Market

Monolith Market invUSD (invUSD) is a U.S. dollar stablecoin issued by Monolith Market.

Each token tracks U.S. dollars and is a collateral-backed contractual exposure rather than a direct claim on the issuer.

Holders can mint and redeem directly with Monolith Market in sINV.

invUSD has been issued on Ethereum as an ERC-20 token since April 2026.

Monolith Market invUSDinvUSD

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