Mezo USD

Mezo USD (MUSD) is a stablecoin designed to hold a value of one US dollar, issued within the Mezo ecosystem. It is created for people who want to access dollar-denominated liquidity without selling their Bitcoin, by depositing BTC as collateral and borrowing MUSD against it. The stated problem it addresses is that Bitcoin holders must typically liquidate their holdings to access spendable funds, whereas MUSD lets them borrow against that collateral at fixed rates.

MUSD uses a collateralized debt position model in which a borrower locks Bitcoin as collateral and the protocol mints MUSD up to the permitted loan-to-value ratio, which can reach roughly 90 percent for an individual position. The system as a whole is required to remain above 110 percent collateralization, and individual positions are typically kept above 150 percent; any position that falls below the minimum collateral ratio is automatically liquidated so that all circulating MUSD remains fully backed by BTC. MUSD exists within the Ethereum and Base ecosystems as well as the Mezo ecosystem, and each unit can be redeemed for Bitcoin, which is the primary mechanism intended to keep it near its one-dollar peg.

The data provided does not include a protocol fee stream, so no figures for revenue, fee recipients, or fee distribution are available on this page. What is recorded is a circulating stablecoin supply of 30,479,719.53 MUSD at the point of measurement, a 30-day supply change of roughly negative 0.96 percent, and a 24-hour turnover of approximately 0.40 percent of that supply. The dilution overhang stands at 0.0 percent and supply issued is effectively 100 percent, meaning there is no reserve of unissued tokens creating potential future dilution from the supply structure alone.