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/" },
  ]}
/>


# Asset Price methodology

## 1. Overview

Asset price represents the closing USD value of a tokenized asset at the end of each day. Daily prices are recorded to facilitate the valuation of on-chain activity and the calculation of market capitalization. Each price point reflects the market value at the conclusion of the UTC day.

## 2. Data sources

- **Asset metadata**: Token contract addresses, ticker identifiers, and on-chain launch timestamps
- **External data**: End-of-day price feeds and exchange rate feeds from market data providers
- **Blockchain data**: Data covering EVM-compatible chains (Ethereum, Arbitrum, Base, Polygon, Optimism, and others) and non-EVM chains such as Solana, Aptos, and Near

## 3. Step-by-step calculation

### Component A: Market data retrieval

- **Purpose**: Collect raw daily price information
- **Logic**: Daily price data is retrieved from external market data providers. For assets pegged to specific currencies, prices are calculated using a multiplier and daily exchange rates. For assets traded on traditional exchanges where data is unavailable on certain days, such as weekends or holidays, missing values are filled with the last available closing price.

### Component B: Timestamp normalization

- **Purpose**: Align price data with daily reporting periods
- **Logic**: Timestamps are truncated to the daily grain. To accurately reflect the closing value, prices recorded at the start of a day (00:00:00 UTC) are assigned to the preceding calendar day.

### Component C: Asset mapping and deduplication

- **Purpose**: Associate prices with unique assets and resolve data overlaps
- **Logic**: Prices are mapped to assets using unique identifiers for EVM-compatible and non-EVM chains. To ensure data integrity, price records are filtered to include only those occurring on or after the asset's on-chain launch date. In instances where price data for a single asset is available from multiple sources, the data is deduplicated by selecting the record with the highest priority to ensure a single, consistent closing price.

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

Asset price

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