Mezo USD

Mezo USD (MUSD) is a stablecoin designed to maintain a value of one US dollar, issued within the Mezo ecosystem for people who want to borrow against their Bitcoin without selling it. A user deposits BTC as collateral and receives MUSD in return, allowing them to access dollar-denominated liquidity while keeping exposure to their Bitcoin. The system targets borrowers who need stable purchasing power without giving up their Bitcoin holdings.

MUSD is minted through a collateralized debt position model: a borrower locks Bitcoin, and the protocol issues MUSD against it at fixed, low rates with loan-to-value ratios of up to roughly 90 percent, while the overall system maintains collateralization above 110 percent and typical user positions above 150 percent. Any position that falls below the minimum collateral ratio is automatically liquidated so that every unit of MUSD in circulation remains fully backed by Bitcoin. The token exists across the Ethereum and Base ecosystems as well as Mezo's own network, and each MUSD can be redeemed directly for BTC, which mechanically supports its dollar peg.

The data provided does not include a fee revenue figure or a description of how protocol income is distributed, so fee-based measures for MUSD cannot be calculated from what is stored here. The protocol charges borrowers a fixed rate on their collateralized debt positions, but the size or destination of that rate is not recorded in the available data. What is known is that the circulating supply stands at approximately 29.17 million MUSD at the point in time recorded, and the supply has contracted by about 3.05 percent over the preceding 30 days, which reflects the net change in outstanding debt across the system.