Open Stablecoin IndexOPEN
OPEN (Open Stablecoin Index), issued onchain through the Reserve protocol whose interface is operated by ABC Labs, LLC, is a Decentralized Token Folio (DTF) that wraps a diversified basket of leading stablecoins tracked by the Open Stablecoin Index into a single fungible ERC-20 index token whose value tracks its underlying holdings. Each token represents a pro-rata onchain claim on the DTF's underlying ERC-20 basket, and holders can mint or redeem permissionlessly at real-time net asset value (NAV) without authorized participants or intermediaries. The basket is periodically rebalanced toward governance-set target weights through onchain Dutch auctions priced on an exponential decay curve. Two fees are borne by holders and accrue in the DTF token itself: a TVL fee assessed block-by-block and capped at 10% annualized, and a mint fee charged on issuance. The Reserve protocol smart contracts and the reserve.org and app.reserve.org interfaces are operated by ABC Labs, LLC under the laws of the State of Delaware. ABC Labs states it is not a bank, broker-dealer, investment adviser, commodity trading adviser, or other regulated financial intermediary, and is not registered with the U.S. Securities and Exchange Commission, the Commodity Futures Trading Commission, or any other financial authority. All DTFs are permissionlessly created by third parties unaffiliated with ABC Labs, which does not control them; DTFs are not deposits and are not insured by the FDIC or SIPC, and access is restricted for OFAC-sanctioned persons and jurisdictions. OPEN follows the ERC-20 standard, with basket assets held on the same blockchain as the DTF, and is deployed on Ethereum. Anyone can mint or redeem permissionlessly at NAV against the underlying tokens, with zapper helpers enabling single-token entry and exit. Governance escrows a vote-locking token in a staking vault and gates basket changes through a governor operating under a default 48-hour timelock with Guardian veto rights.