Launched in January 2025, OpenEden OpenDollar (USDO) is a pioneering stablecoin that combines regulatory compliance, real-world asset backing, and yield generation. Issued by OpenEden Digital Limited—a Bermuda Monetary Authority (BMA) licensed digital asset business—USDO is pegged 1:1 to the U.S. dollar and fully collateralized by tokenized short-term U.S. Treasury Bills, offering holders a secure and transparent digital dollar alternative.
Key Features
- Regulatory Compliance: USDO is issued by OpenEden Digital Limited, a Bermuda-registered and licensed segregated accounts company (SAC) under the BMA's Digital Asset Business Act. This structure ensures that USDO's reserve assets are segregated from the issuer's general accounts, providing bankruptcy remoteness and enhanced investor protection.
- Yield-Bearing Mechanism: USDO employs a daily rebasing model, distributing yield generated from its reserves—comprising tokenized U.S. Treasury Bills and reverse repurchase agreements—to holders in the form of additional USDO tokens. This mechanism allows users to earn passive income while maintaining a stable $1 value.
- Transparent Reserves: The reserves backing USDO are held in OpenEden's TBILL Vault, a smart contract protocol offering real-time, on-chain proof of reserves. The TBILL tokens represent a tokenized portfolio of U.S. Treasury Bills and have received an investment-grade rating from Moody's, underscoring their quality and reliability.
Token Formats: USDO and cUSDO
To cater to different user needs and platform compatibilities, OpenEden offers USDO in two formats:
- USDO: A rebasing token that maintains a constant $1 price, with yield distributed through daily balance increases.
- cUSDO: A wrapped version of USDO designed for platforms that do not support rebasing tokens. cUSDO accrues yield internally, resulting in an increasing token price over time. Users can seamlessly convert between USDO and cUSDO via a publicly available smart contract.
Acquisition and Redemption
Eligible users can mint USDO by depositing USDC or TBILL tokens as collateral on the OpenEden platform. While direct redemption to fiat USD is not currently available, USDO can be redeemed for USDC by KYC-verified users through primary redemption channels. OpenEden is exploring options to enable direct fiat redemptions in the future.
Market Performance
As of April 30, 2025, USDO maintains a stable price of $1.00, with a total circulating supply of approximately 146 million tokens and a market capitalization of around $146 million [source]. The token is available for trading on decentralized exchanges, including Curve (Base), facilitating liquidity and accessibility for users.
Conclusion
OpenEden OpenDollar (USDO) represents a significant advancement in the stablecoin landscape, offering a regulated, yield-bearing digital dollar backed by high-quality, tokenized U.S. Treasury assets. By integrating real-world asset yields with blockchain transparency and compliance, USDO provides a compelling option for users seeking stability, income generation, and trust in the digital asset space.
