iUSD vaults
- This stablecoin does not have a price feed available at the moment and we are unable to display peg/depeg rates.
About Indigo Protocol iUSD
iUSD is a synthetic USD stablecoin on the Cardano blockchain issued by Indigo Protocol. It is overcollateralised by ADA and uses a CDP model inspired by MakerDAO. iUSD is the primary decentralised stablecoin in the Cardano DeFi ecosystem.
iUSD is the primary decentralised stablecoin on the Cardano blockchain, issued by Indigo Protocol — a Cardano-native CDP (Collateralised Debt Position) protocol. Launched in November 2022, iUSD was Cardano's first fault-tolerant and fully collateralised native stablecoin.
Mechanism
Users mint iUSD by depositing ADA as collateral into a CDP, subject to a Minimum Collateralisation Ratio (MCR). The protocol requires overcollateralisation to ensure solvency. If the ADA collateral value falls towards the MCR threshold, the Indigo Stability Pool provides automatic liquidation: Stability Pool iUSD is exchanged for the higher-value ADA collateral, keeping iUSD fully backed at all times.
Rather than pegging iUSD directly to any single fiat-backed stablecoin, the peg target is the median value of USDC, TUSD, and USDT — a fault-tolerant design that maintains stability even if one of the reference stablecoins depegs.
A notable innovation is CDP Liquid Staking: ADA deposited as collateral continues to earn native Cardano staking rewards throughout the life of the CDP, improving capital efficiency for borrowers.
Key properties
- Overcollateralised by ADA; Cardano-native
- Peg anchored to the median of USDC, TUSD, and USDT
- Stability Pool backstop prevents undercollateralisation
- CDP Liquid Staking: collateral ADA still earns staking rewards
- Governed by INDY token holders
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