eUSD, issued by the Reserve Protocol smart contracts under the governance of RSR tokenholders, is a U.S. dollar (USD) pegged stablecoin (RToken) fully backed 1:1 by an onchain basket of exogenous ERC-20 collateral and redeemable on demand [S1][S2].

Holders receive a token pegged to the U.S. dollar (USD) and backed 1:1 by a basket of onchain collateral tokens held by the protocol's smart contracts [S2]. As a yield-bearing RToken, a Backing Manager periodically harvests yield from interest-bearing collateral, with onchain revenue auctions routing surplus among holders, RSR stakers and governance-selected addresses [S3][S4]. Fee rates and revenue routing are governance-managed onchain [S4].

Tokens are issued by permissionless smart contracts rather than a chartered legal entity; there is no single corporate issuer [S3][S5]. The interface operator, ABC Labs, LLC, disclaims being any regulated financial intermediary and disclaims SEC, CFTC, or any other financial-authority registration [S5][S6]. Tokens are not deposits, are not legal tender, are not guaranteed by any entity, bank, or government, and are not insured by the FDIC or SIPC [S6]. Minting and redemption are permissionless, though users subject to OFAC sanctions or resident in listed sanctioned countries are restricted [S5]. Holders redeem permissionlessly onchain at real-time NAV for the underlying basket [S3][S4].

eUSD is an ERC-20 token deployed via the Reserve Yield Protocol on Ethereum, Base, and Arbitrum [S1][S4]. Holders mint by depositing the entire collateral basket and redeem the token for that basket, settling atomically onchain within seconds [S3][S4]. Pricing tracks NAV through permissionless arbitrage, with onchain price feeds driving default detection and mechanistic RSR seizure [S3][S4].

<Sources
  retrievedAt="2026-06-22"
  items={[
    { id: "S1", url: "https://reserve.org/" },
    { id: "S2", url: "https://docs.reserve.org/core-components/yield-dtfs.md" },
    { id: "S3", url: "https://app.reserve.org/" },
    { id: "S4", url: "https://docs.reserve.org/core-components/yield-dtfs/overview" },
    { id: "S5", url: "https://reserve.org/terms_and_conditions/" },
    { id: "S6", url: "https://reserve.org/terms_and_conditions" },
  ]}
/>


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Reserve

Electronic USD (eUSD) is a U.S. dollar stablecoin issued by Reserve.

Reserves are held in accounts segregated from the issuer's own funds.

Retail investors, professional investors, accredited investors, qualified investors, qualified purchasers, and institutions can mint and redeem directly with Reserve in wcUSDCv3, wcUSDTv3, and saEthUSDC, and holders have a contractual right to redeem at par.

eUSD has been issued on Ethereum as an ERC-20 token since February 2023, with bridged versions on two more.

Electronic USDeUSD