kUSD vaults
About Kolibri USD
Kolibri USD (kUSD) is a decentralised stablecoin on the Tezos blockchain. It is overcollateralised by XTZ deposits using a CDP model. kUSD is the primary decentralised stablecoin in the Tezos ecosystem.
Kolibri is a decentralised stablecoin protocol on the Tezos blockchain, built by Hover Labs. kUSD was the first crypto-backed stablecoin issued on Tezos.
Mechanism
kUSD uses a collateralised debt position (CDP) model. Users deposit XTZ into smart contracts called "Ovens" and mint kUSD against that collateral at a minimum collateralisation ratio of 200% (i.e. every $1 of kUSD requires at least $2 worth of XTZ backing). If an Oven falls below the minimum ratio, other participants can liquidate it to restore system health. A stability fee accrues on outstanding kUSD, partially funding a Liquidation Engine of last resort.
Governance
Kolibri migrated to a DAO model (KolibriDAO) allowing kDAO governance token holders to vote on protocol parameters such as stability fees, collateralisation ratios, and oracle configurations.
Key properties
- Native Tezos (FA2 token standard), not EVM-based
- Purely algorithmic and over-collateralised — no fiat backing
- Soft-pegged to USD via XTZ collateral and arbitrage incentives
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