OUSD, issued by the Origin Protocol smart contracts under the governance of xOGN tokenholders, is a tokenized yield-bearing onchain savings instrument that holds a constant unit of account of one U.S. dollar (USD) while holder balances grow as onchain yield accrues. [S1][S2]

OUSD provides economic exposure to a conservative onchain lending and liquidity yield strategy: collateral is 100% backed by USD Coin (USDC) and deployed into strategies on Morpho and Curve across Ethereum, Base, and HyperLiquid, with cross-chain returns routed back via Circle's Cross-Chain Transfer Protocol. [S2] Yield accrues through a rebasing supply mechanism that increases wallet balances at least daily. [S3] Origin charges a 20% performance fee on generated yield only, never on principal, and displayed yields are net of this fee. [S2]

OUSD is issued and controlled by smart contracts under decentralized xOGN tokenholder governance rather than by a single corporate entity; contract upgrades pass a 172,800-second timelock and require governance approval with 20% quorum. [S4] The associated interface entity, Origin Protocol Labs, is located in the Cayman Islands and disclaims that it custodies, controls, or manages user assets. [S5][S6] The holder's claim is a non-custodial smart-contract right to redeem 1:1 for underlying collateral. [S5][S1] The Terms of Service require users to be at least 18 years old and restrict use to non-commercial purposes. [S5] Protection is structural, through full collateralization rather than legal segregation. [S7]

OUSD is a rebasing ERC-20 token natively issued on Ethereum mainnet, with collateral strategies also routed to Base and HyperLiquid, and a wrapped ERC-4626 version that grows in value rather than supply. [S8][S2][S3] Tokens are minted permissionlessly by depositing USDC and redeemed 1:1 for USDC through the Origin dapp, processing typically within 10 minutes to 24 hours. [S8][S2]

<Sources
  retrievedAt="2026-06-23"
  items={[
    { id: "S1", url: "https://www.originprotocol.com/product" },
    { id: "S2", url: "https://docs.originprotocol.com/yield-bearing-tokens/origin-dollar-ousd.md" },
    { id: "S3", url: "https://docs.originprotocol.com/yield-bearing-tokens/core-concepts/rebasing-and-smart-contracts.md" },
    { id: "S4", url: "https://docs.originprotocol.com/ogn/governance.md" },
    { id: "S5", url: "https://www.originprotocol.com/tos" },
    { id: "S6", url: "https://www.originprotocol.com/privacy" },
    { id: "S7", url: "https://docs.originprotocol.com/yield-bearing-tokens/core-concepts/amo.md" },
    { id: "S8", url: "https://docs.originprotocol.com/yield-bearing-tokens/core-concepts.md" },
  ]}
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# Origin Dollar Fees Methodology

## 1. Overview

Fees measures the total value paid by users to interact with the Origin Dollar protocol. These fees are primarily generated through two mechanisms: a portion of the yield generated by the underlying collateral is retained by the protocol, and fees are applied when users redeem their assets from the vault. This metric serves as a key indicator of the economic value captured by the Origin Dollar stablecoin system.

## 2. Data sources

- **Blockchain events**: `Redeem`, `RedeemFeeUpdated`, and `YieldDistribution` events from `Vault` contracts on Ethereum
- **External data**: End-of-day price feeds for the underlying collateral assets

## 3. Step-by-step calculation

### Component A: Yield distribution fee collection

- **Purpose**: Captures the protocol's share of yield generated by underlying assets.
- **Logic**: `YieldDistribution` events are parsed from the `Vault` contract. The fee amount is extracted from the event parameters that record the protocol's retained portion of the distributed yield. These values are aggregated to determine the total yield-based fees collected during each rebase or distribution cycle.
- **Key fields**: `yield` (extracted as the fee amount)

### Component B: Redemption fee calculation

- **Purpose**: Calculates fees charged to users when exiting the Origin Dollar vault.
- **Logic**: `Redeem` events are identified from the `Vault` contract to track the volume of assets being withdrawn. The applicable fee percentage is determined by parsing `RedeemFeeUpdated` events, which establish the fee rate for specific block ranges. The total fee is calculated by applying the active redemption fee rate to the value of the assets being redeemed.
- **Key fields**: `value` (redeem amount), `redeemFeeBps` (fee rate)

### Component C: USD conversion and aggregation

- **Purpose**: Normalizes collected fees into a standard currency for reporting.
- **Logic**: All fee amounts are normalized by decimal precision. Values are converted to USD using end-of-day price feeds for the respective underlying assets. Data is aggregated at a daily granularity using UTC day boundaries, and a forward-filling strategy is applied to ensure data continuity.
- **Key fields**: `block_timestamp`, `token_address`, `price_usd`

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

Total value users pay to use a protocol (gross fees, user-paid fees).

Fees

Tokenized funds

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Origin Protocol

Origin Dollar (OUSD) is a tokenized fund share issued by Origin Protocol.

The fund is open-ended, invests in U.S. money market instruments, and locks up subscriptions for 0 months.

Retail investors, professional investors, accredited investors, qualified investors, qualified purchasers, and institutions can mint and redeem directly with Origin Protocol in USDC, and holders have a right to redeem at net asset value with same- or next-business-day settlement.

OUSD has been issued on Ethereum as an ERC-20 token since September 2020.

Origin DollarOUSD