UTY, issued by XSY, is a U.S. dollar (USD) pegged synthetic stablecoin that represents a token redeemable for one USD and is collateralized through reserves and delta-neutral collateral mechanisms maintained by the issuer.

Each UTY token tracks the U.S. dollar (USD) at a one to one peg and is structured to be redeemable by the holder for 1 USD. The issuer states that backing combines reserves with delta-neutral collateral mechanisms. XSY operates a transparency dashboard titled Proof of Solvency, powered by Accountable, at which reserve and solvency information for the token is published [S1].

XSY maintains its solvency reporting through the Proof of Solvency dashboard [S1] and exposes programmatic integration through the XSY Protocol API documentation portal [S2], while holder-facing functions operate through the issuer application [S3]. The issuer entity legal name, jurisdiction of formation, applicable regulator, the legal form of the holder's claim, eligibility and offering restrictions, the documented redemption procedure and minimums, and any security interest or custodial arrangement protecting tokenholders are not contained in the in-scope sources and are recorded as unavailable.

UTY is an onchain token administered through the XSY application [S3], with programmatic mint, redeem, and integration functions documented in the XSY Protocol API portal [S2]. Reserve and solvency status is published through the Proof of Solvency dashboard [S1]. The token standard, supported blockchain networks, and settlement timing are recorded as unavailable.

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  retrievedAt="2026-06-22"
  items={[
    { id: "S1", url: "https://accountable.xsy.fi/" },
    { id: "S2", url: "https://api.xsy.fi/docs" },
    { id: "S3", url: "https://app.xsy.fi/" },
  ]}
/>


Stablecoins

The protocol generates returns by providing funding via perpetual contracts while hedging positions through underlying token ownership to eliminate price risk, effectively capturing perpetual basis yields that typically exceed 14%. Users can mint UTY with USDC, choose their preferred vault strategy, and withdraw funds after a 7-day unbonding period designed to protect against mass withdrawals and allow safe position closure.

XSY provides a yield-generating protocol that allows users to mint UTY tokens by depositing USDC and earn yields above 15% APY through perpetual contract funding strategies. The platform offers two vault options: yUTY for auto-compounding yield payments and xUTY for governance token accumulation, with plans to expand into inverse basis trading, tokenized T-Bills, and tailored liquidity loops.

XSY is a decentralized finance protocol built by cryptocurrency and traditional finance veterans from Algorand, Paxos, and major Wall Street derivatives firms. The project operates on Avalanche blockchain with institutional-grade security through Quantstamp audits and Ceffu & Copper custody solutions.

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Real-world asset (RWA) issuers

Unity Synthetic Dollar (UTY) is a U.S. dollar stablecoin issued by XSY through XSY Foundation.

Each token is a collateral-backed contractual exposure rather than a direct claim on the issuer.

Retail investors and institutions can mint and redeem directly with XSY.

UTY has been issued on Base as an ERC-4626 token since March 2026.

Unity Synthetic DollarUTY

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