VAI, issued by the Venus Protocol smart contracts under the governance of XVS tokenholders, is a crypto-collateralized synthetic stablecoin that tracks a 1 U.S. dollar (USD) peg through a stability-fee mechanism and a Peg Stability Module [S1][S2][S3].

VAI references the U.S. dollar (USD) at a 1:1 peg and is minted against onchain collateral supplied to the protocol rather than fiat reserves [S1][S4]. It does not accrue yield or distribute income; it tracks the peg via stability mechanisms [S1][S2]. Borrowers who mint VAI bear a stability fee combining a base rate plus a variable rate, calculated block-by-block and added to the minted balance [S1]. VAI minted through the Peg Stability Module incurs configurable feeIn and feeOut swap fees instead [S2].

VAI is not issued by a single corporate entity; the protocol stores funds in public, open-source, formally verified and audited smart contracts whose parameters are controlled by XVS tokenholders through onchain governance [S5][S3]. The holder's claim is a synthetic stablecoin minted against collateral, not a claim on a corporate issuer's reserves [S1]. Borrowing VAI via the dashboard is available exclusively for Venus Prime users, which requires XVS staking, while VAI is also obtainable through the Peg Stability Module by supplying USDT [S1][S2][S6]. Holders exit by repaying minted VAI to free collateral or by swapping VAI for USDT 1:1 through the module, subject to available liquidity and the feeOut fee [S1][S2].

VAI is an onchain token operating on BNB Chain mainnet [S4]. The VAIController mints VAI when a user holds sufficient eligible collateral up to market collateral factors, and the Peg Stability Module supports 1:1 USDT conversions valued by the Resilient Oracle [S2][S4]. Settlement is onchain and effectively immediate, subject to available PSM USDT, with fees routed to the Venus Treasury [S2].

<Sources
  retrievedAt="2026-06-24"
  items={[
    { id: "S1", url: "https://docs-v4.venus.io/tokens/vai" },
    { id: "S2", url: "https://docs-v4.venus.io/whats-new/psm" },
    { id: "S3", url: "https://docs-v4.venus.io/governance/tokenomics" },
    { id: "S4", url: "https://docs-v4.venus.io/tokens/vai.md" },
    { id: "S5", url: "https://docs-v4.venus.io/getting-started/faq" },
    { id: "S6", url: "https://docs-v4.venus.io/llms-full.txt" },
  ]}
/>


Stablecoins

Lenders deposit funds into Venus and receive interest payments from borrowers (supply-side fees).

Venus is a non-custodial lending protocol built on BNB chain. Venus was founded by Joselito Lizarondo and launched in 2020.

XVS tokenholders own and govern the protocol. They currently take a cut of the total interest paid by borrowers (revenue).

Venus VAIVAI

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