Aegis YUSD

Aegis YUSD is a stablecoin designed to hold a value of one US dollar at all times, making it useful for people who want to participate in crypto markets without exposure to the price swings typical of assets like Bitcoin or Ethereum. It targets anyone seeking a stable unit of account or a way to store value on-chain. The specific problem it claims to solve is maintaining that dollar peg while still allowing holders to earn yield, something most plain dollar-backed stablecoins do not offer.

YUSD is backed one-for-one by Bitcoin held in custodial vaults and governed through smart contracts, meaning every YUSD in circulation is supposed to correspond to an equivalent dollar value of BTC reserves. To prevent the price of Bitcoin from eroding that backing, the Aegis protocol runs a delta-neutral hedging strategy using Bitcoin-margined perpetual futures contracts, which are designed to offset gains or losses in the BTC price and keep the net collateral value constant. YUSD exists across several networks, including Ethereum, BNB Chain, and Avalanche, as reflected in its ecosystem categories.

The data provided does not include a fee revenue figure or a description of a fee structure, so fee-based performance measures are not applicable to YUSD as stored on this site. The yield that holders reportedly receive is described as coming from the hedging strategy itself, specifically the funding rates generated by holding short perpetual positions against the Bitcoin collateral, though the data does not quantify this. The circulating stablecoin supply stands at approximately 34,384,100 YUSD at the point of measurement, and the 30-day change in that supply is negative 1.16 percent, indicating a modest contraction in recent issuance.