Main Street USD

Main Street USD (MSUSD) is a stablecoin issued by the Main St protocol, designed to maintain a value of one US dollar while generating yield for holders. It uses a dual-token system — msUSD for yield generation and smsUSD for staking — and is aimed at users who want exposure to dollar-denominated assets without forgoing returns. The protocol claims to address the inefficiency between implied and realized volatility in options markets, positioning itself as an alternative to basis-trade-focused stablecoin strategies.

MSUSD operates on both the Ethereum and Sonic ecosystems and pursues a delta-neutral strategy, meaning the protocol attempts to construct positions that are insensitive to directional price moves in the underlying assets. Rather than using a cash-and-carry basis trade, Main St uses options arbitrage as its primary yield mechanism, capturing the spread between how much volatility the market prices in and how much actually occurs. Holders who stake msUSD receive smsUSD, which represents their claim on any yield the strategy produces.

The data provided does not include a direct fee-stream figure, so fee-based measures commonly tracked on this site cannot be populated for MSUSD. Yield is intended to flow from options arbitrage activity, meaning the protocol's revenue depends on its ability to consistently capture volatility spread in options markets. The stablecoin circulating supply stands at 38,436,713.05 as of the most recent point-in-time reading, and supply has grown by approximately 0.603619 over the past 30 days, giving some sense of how the protocol's scale has shifted recently.