USG, issued by the Tangent Protocol smart contracts under the governance of vsTAN tokenholders [S1][S2], is an over-collateralized, USD-denominated stablecoin that maintains a target price of one U.S. dollar (USD) through onchain collateralized debt positions [S3][S4].

USG references the U.S. dollar (USD) at a one-to-one target and is minted against productive collateral including Curve Finance LP tokens and Pendle Protocol principal tokens [S3][S4]. In High Emissions Collateral markets, borrowing is interest-free while USG holds its peg, with the protocol deducting a portion of collateral rewards as the loan cost [S4]. In Low Emissions Collateral markets, a dynamic interest rate applies and 97.5% of collateral rewards stream back to borrowers, as the protocol applies a 2.5% fee [S4].

Tangent operates as a decentralized finance protocol governed by a decentralized autonomous organization, and USG is not issued by a single corporate entity [S3][S1]. Governance is exercised by vsTAN tokenholders through Snapshot votes, and TAN tokenholders share protocol earnings [S1][S2]. A tokenholder's claim arises from onchain collateralized debt positions rather than a bearer instrument or fund interest [S4]. USG cannot be redeemed for its collateral; instead, the protocol protects the peg through PegKeeper contracts and a dynamic interest rate and rewards deduction model [S4]. The smart contracts have been audited by Egis Security, Sherlock, Pashov Audit Group, and Zerocool [S5].

USG is minted onchain against deposited yield-bearing collateral through the collateralized debt position model, and burned implicitly upon loan repayment, without a redemption facility [S4]. The savings token sUSG follows the ERC4626 token standard [S3]. The protocol relies on oracle infrastructure for collateral and USG pricing and on PegKeeper contracts to maintain the peg [S4][S2].

<Sources
  retrievedAt="2026-09-14"
  items={[
    { id: "S1", url: "https://docs.tangent.finance/" },
    { id: "S2", url: "https://docs.tangent.finance/docs/dao/governance" },
    { id: "S3", url: "https://www.tangent.finance/" },
    { id: "S4", url: "https://docs.tangent.finance/docs/usg/overview_usg" },
    { id: "S5", url: "https://docs.tangent.finance/docs/faq/audits" },
  ]}
/>


Stablecoins

Users deposit productive, yield-bearing collateral (Curve/Convex LP tokens, Pendle PTs, and similar assets) into Tangent's lending markets and mint USG against it, either keeping all collateral rewards under a dynamic interest rate or borrowing interest-free against a portion of the rewards. TAN token holders govern the protocol and share in its earnings.

Tangent is a decentralized, over-collateralized stablecoin protocol. Its stablecoin, USG, is backed by productive collateral (Curve LP tokens, Pendle PTs) rather than idle reserves; the separate sUSG wrapper is the yield-bearing form.

Tangent is a decentralized finance protocol governed by TAN token holders as a DAO; no legal issuing entity for USG has been identified.

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Stablecoin issuers

Tangent

Tangent USG (USG) is a U.S. dollar stablecoin issued by Tangent.

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

Holders can mint and redeem directly with Tangent.

USG has been issued on Ethereum as an ERC-20 token since March 2026.

Tangent USGUSG

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