USD · crypto backed

Liquity USD LUSD

Liquity Protocol

LUSD is the most decentralized USD stablecoin — issued by an immutable, governance-free protocol that accepts only ETH as collateral with a 110% minimum ratio.

Official site Updated today
Live metrics
Updated 1d ago
Market cap
$58.0M
Daily volume
$1.8M
Holders
12,500
Dominance
0.0%
Supply history · 90d Updated today
$28.5M
Source: DeFiLlama
24h
-0.00%
7d
+0.04%
net+$11,648
30d
-0.47%
net−$134,912
minted 7d$21,105
burned 7d$9,457
Supply by chain Updated today
Total tracked
$28.2M
Source: DeFiLlama
1chains
Issuer

Liquity AG (initial deployment) / Immutable protocol

Country of origin
Switzerland / Immutable
Jurisdiction
Smart-contract immutable; no governance
HQ
Zürich (development entity)
Founded
Jan 1, 2019
Structure
dao
Key people
  • Robert Lauko Co-founder · since 2019
  • Rick Pardoe Co-founder · since 2019

Liquity AG, a Swiss entity, deployed the protocol in 2021 and then disengaged — the protocol has no governance and no upgrade paths. Frontends are operated independently by community participants.

History

Timeline

  1. Apr 5, 2021
    Liquity v1 mainnet launch

    Immutable protocol goes live on Ethereum.

  2. Sep 25, 2024
    Liquity v2 launch

    v2 adds user-set interest rates and stETH collateral, keeping LUSD v1 untouched.

Investors and backing

Backing

Investors
Polychain CapitalPantera Capital1kxGreenfield Capital
Mechanism and reserves
Updated 1d ago

Mechanism and reserves

Backing

ETH only, with a 110% minimum collateral ratio (lowest in DeFi). The Stability Pool absorbs liquidations using deposited LUSD, paying liquidators a ~10% reward.

Mint / redeem

Open a Trove with ETH, mint LUSD. Redeem LUSD against the lowest-collateralization Trove at any time for 1 USD of ETH (minus a small redemption fee).

Attestations

Reserve composition

  • ETH (Troves) 100.0%
Networks and deployments

Networks and deployments

Chain
Deployed
Contract
Supply
ethereum
Apr 5, 2021
0x5f9880…568bA0
$58.0M
0
Use cases

Real-world use

Used for
  • ›Censorship-resistant DeFi savings
  • ›ETH-backed loans with no governance risk
  • ›Maximally decentralized payments
Strong adoption in
Global DeFi (purist segment)
Regulation and compliance

Regulation and compliance

No freeze capability
MiCA (EU) restricted

Immutable protocol cannot pursue EMT authorization.

Controversies
  • !The 110% LCR is sometimes called too aggressive — extreme ETH volatility tests Stability Pool absorption.
Risks and criticism

Specific risks

Compare with

Compare with

Dai DAI

Larger but more centralized.
crvUSD CRVUSD

Decentralized peer with gradual liquidation.
Official resources

Resources

How to get it

Get it

Available at
Liquity (mint via Trove)CurveUniswap
How to custody
MetaMaskHardware walletSafe (multisig)

How Liquity USD fits in

This page is a structured snapshot of Liquity USD as of 2026-05-31. For deeper analysis, see related blog posts on the blog index.