USDU, issued by the USDU Finance Protocol smart contracts under the governance of USDU Finance DAO tokenholders, is a USD-pegged stablecoin that provides low-cost stable funding for onchain credit, carry, and structured finance strategies [S1].

USDU references the U.S. dollar (USD) at a flat one-to-one peg and is non-yielding and non-rebasing, so passive tokenholders accrue no NAV or distribution on the token itself [S2]. Yield instead accrues to liquidity and strategy participants across the Curve pool, TermMax fixed-term lending markets, and Morpho lending vaults, with the protocol providing roughly 4% to 6% fixed-term funding to borrowers [S1][S2]. Conversion costs are expressed as Curve pool slippage rather than an issuer fee [S2].

USDU is not issued by a single corporate entity; it is issued by protocol smart contracts and governed by the USDU Finance DAO under a curator, guardian, and timelock model with veto windows and emergency freeze capability [S2]. Tokenholders hold an ERC-20 stablecoin whose value derives from onchain assets held inside protocol adapters, namely Curve LP tokens, TermMax fixed-term vault shares, and Morpho ERC-4626 vault shares, with no offchain backing [S2]. Access is permissionless and onchain with no whitelisting gate for holders [S2]. USDU is fully convertible to USD Coin (USDC) onchain through the USDC/USDU Curve pool, subject to available pool liquidity [S1][S2].

USDU is an ERC-20 token with 18 decimals deployed natively on Ethereum Mainnet [S1][S2]. Minting and burning are restricted to whitelisted protocol adapters, with no user minting and no offchain IOUs [S2]. Redemption settles onchain by unstaking USDU/USDC LP tokens and withdrawing USDC from the Curve pool [S2]. Backing TVL and total supply are published live and verifiable onchain [S2].

<Sources
  retrievedAt="2026-06-23"
  items={[
    { id: "S1", url: "https://usdu.finance/" },
    { id: "S2", url: "https://usdu.finance/transparency/" },
  ]}
/>


Stablecoins

USDU is minted solely by the protocol through DAO-approved adapters whose positions (Curve LP, TermMax fixed-term lending, Morpho credit allocations) back the supply; holders redeem USDU to USDC via a Curve pool.

USDU Finance issues USDU, a USD-pegged, non-yielding, non-algorithmic stablecoin on Ethereum, collateralized by protocol-held DeFi adapter positions.

USDU Finance is an Ethereum stablecoin protocol whose open-source core contracts are maintained by Wryt Labs and which is governed by the USDU Finance DAO (Aragon). Backers and legal jurisdiction are not disclosed.

USDU Finance USDUUSDU