USDS, issued by the Sperax USD Protocol smart contracts under the governance of Sperax DAO (SPA and veSPA) tokenholders, is a crypto-collateralized stablecoin that maintains a peg to the U.S. dollar (USD) at a 1:1 ratio. [S1][S2]

Holders receive economic exposure to the U.S. dollar (USD) plus auto-yield generated by deploying collateral into audited DeFi strategies including Aave, Compound, Curve, Stargate, and Fluid. [S1] Yield accrues through a rebasing mechanism that increases wallet balances automatically, with 70% paid to holders and 30% funding SPA buyback-and-burn. [S3] Holders bear a mint fee starting at a 0.05% base and a variable redemption fee, both subject to Sperax DAO approval. [S3][S4]

The protocol is attributed to the Sperax Foundation, founded in 2019, and is not issued by a single corporate entity; it is operated onchain and governed by Sperax DAO tokenholders. [S2][S5] The holder's claim is a smart-contract redemption right against a pooled collateral basket of USDC, USDC.e, and USDT, maintained at full or over-collateralization onchain in the VaultCore contract. [S6][S4] Access is permissionless. [S2] Tokenholders may redeem at the protocol level at any time for up to one unit of a chosen eligible collateral after fees, with an SPA-treasury backstop in extreme shortfalls. [S6][S4][S2]

USDS is an ERC-20-compatible, upgradeable rebasing token deployed on Arbitrum, an Ethereum Layer-2 network. [S6][S7] Minting deposits eligible collateral to issue one USDS per one USD of collateral; redemption burns USDS to release collateral pulled from strategies. [S4] A MasterPriceOracle contract aggregates multiple price feeds for collateral valuation, and settlement is atomic onchain. [S6][S4]

<Sources
  retrievedAt="2026-06-23"
  items={[
    { id: "S1", url: "https://docs.sperax.io/master" },
    { id: "S2", url: "https://docs.sperax.io/master/llms-full.txt" },
    { id: "S3", url: "https://docs.sperax.io/master/auto-yield" },
    { id: "S4", url: "https://docs.sperax.io/master/minting-and-redeeming" },
    { id: "S5", url: "https://sperax.io" },
    { id: "S6", url: "https://docs.sperax.io/master/technical-documents/smart-contracts/usds" },
    { id: "S7", url: "https://docs.sperax.io/master/technical-documents/deployed-contracts" },
  ]}
/>


Stablecoins

Sperax issues USDs, an auto-yield stablecoin on Arbitrum that deploys collateral into audited DeFi strategies, distributing 70% of yield to holders and retaining the remainder.

Sperax is a yield aggregator platform where the USDs stablecoin auto-generates yield by deploying collateral to audited DeFi protocols, distributing 70% of yield to holders.

Sperax was founded in 2019 by Yunchuan Wei and Frida Cai, backed by Jump Trading and Polychain Capital.

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Stablecoin issuers

Sperax

Sperax USD (USDS) is a U.S. dollar stablecoin issued by Sperax through Sperax Foundation Ltd.

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

Retail investors can mint and redeem directly with Sperax in USDC.e, USDC, and USDT, and holders have a contractual right to redeem at par.

Sperax Foundation Ltd. is the issuing entity.

Holder terms are governed by the law of Singapore.

USDS has been issued on Arbitrum One as an ERC-20 token since December 2021.

Sperax USDUSDS

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