gmUSD vaults
- This stablecoin does not have a price feed available at the moment and we are unable to display peg/depeg rates.
About GND Protocol gmUSD
gmUSD is a stablecoin from the GND Protocol designed around GMX's GLP and GM tokens. It uses delta-neutral strategies on GMX positions. gmUSD is available on Arbitrum.
GND Protocol is a DeFi protocol on Arbitrum that issues gmUSD, a yield-bearing stablecoin backed by delta-neutral positions on GMX and Gains Network. The protocol combines the GLP/GM ecosystem of GMX with yield-bearing collateral from GMD Protocol and Gains Network to produce a stablecoin that earns real yield for its holders.
gmUSD is fully collateralised by two underlying assets: gmdUSDC (the USDC vault within GMD Protocol, which acts as a delta-neutral counterpart to GLP on GMX) and gDAI (a delta-neutral liquidity provider token on Gains Network that earns protocol fees by acting as a counterparty to perpetual trades). Because both collateral assets generate real yield from trading fees, gmUSD itself is yield-bearing at an expected annualised rate of approximately 15–25%.
Peg mechanism
The peg is maintained via a Protocol Smart Arbitrage Leverage Mechanism (PSALM). GND Protocol is the sole entity authorised to mint and redeem gmUSD, using gDAI and gmdUSDC as collateral at a $1 reference price. If gmUSD trades above $1, the protocol mints new tokens at $1 and sells them to capture the premium; if it trades below $1, the protocol buys and redeems them. This closed arbitrage loop ensures the protocol itself always captures the arbitrage profit before any third party can.
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