YUSD is the native stablecoin of Yeti Finance. It is an over-collateralized coin, meaning that it is supported by a variety of yield-bearing assets. These assets are in place to keep the YUSD pegged at the same price as the USD. You can identify the quality of a stablecoin by how closely it matches the value of the USD.
YUSD is not to be confused with YETI, which is Yeti Finance’s protocol token. While YETI is good for staking and gaining governance, YUSD is better for dealing with crypto exchanges. However, YUSD can still be used for staking purposes.
Investing money in YUSD has several benefits, including that it’s decentralized, hard-pegged, and instantly redeemable. In this article, we’ll explore all you need to know about YUSD, from the market cap and current price to the circulating supply and total supply.
How YUSD Stablecoin (YUSD) Works
To invest in YUSD Stablecoin (YUSD) all you have to do is mint it on the Yeti Finance website. Yeti Finance has a vast amount of yield-bearing collateral in place to prevent the price of 1 YUSD from falling above or below $1. However, this is not always possible, and slight increases or decreases should be expected in the market.
Users looking to mint 1 YUSD will have to deposit a minimum of $1.05. You can also gain YUSD by depositing collateral in what is known on Yeti Finance as ‘troves’.
The ‘yield-bearing collateral’ means that Yeti Finance has more YUSD in reserves than it does in the current circulating supply. Should anything go dramatically wrong with the value of the stablecoin, the reserves will be used to level things out.
In addition to this collateral, Yeti Finance conducts regular economic tests and has put in place arbitrage mechanisms to protect the integrity of the coin.
One of the best aspects of YUSD is that it is directly redeemable. This means you can change your YUSD back into USD instantly, and withdraw it the same day.
As we stated in the intro, you can always tell how strong a stablecoin is by how closely it matches the value of the USD. You can also judge the quality of a stablecoin by how secure it is. Yeti Finance has undergone several security checks and audits to ensure its stability in the market.
Specifically, Yeti have carried out two economic analyses, four smart contract audits, and regular peer reviews. Through these examinations, Yeti Finance has been able to test how well the stablecoin handles various economic situations and conditions.
What Is YUSD Stablecoin (YUSD) Used For?
YUSD stablecoin (YUSD) can be used for the following:
Staking YUSD
Not only can Yeti Finance’s main cryptocurrency, YETI, be staked, but so too can YUSD. If you’ve got debts that have fallen under the collateral ratio, you can stake your YUSD in Yeti Fiance’s Stability Pool.
While farming your YUSD, you will receive YETI tokens, early adopter rewards, and liquidation gains.
Decentralized investment
Investing in YUSD takes away a lot of risks associated with centralized stablecoins. YUSD is completely decentralized, meaning there’s nobody directly governing it. Although Yeti run regular tests on it to keep it healthy and stable, there’s no central body that the coin goes through. There’s a direct link between the investor and the coin, with no middleman.
This makes YUSD a good option for those looking to avoid the risks and major losses associated with centralized coins. Centralized stablecoins are at risk of being unexpectedly frozen or regulated. Plus, there tends to be a lack of transparency when it comes to centralized coins.
When investing in any crypto, you do so at your own risk, which is when the advice of a financial advisor could be advantageous.
Where To Buy YUSD Stablecoin (YUSD)
You can borrow YUSD directly from Yeti Finance, or you can swap it for another cryptocurrency on the select few exchange sites that stock it.
According to CoinMarketCap, the only crypto exchange websites that currently stock YUSD stablecoin are:
None of the major crypto exchange sites currently stock YUSD. It is not currently listed on Coinbase or Binance.
FAQs About YUSD Stablecoin (YUSD) Metaverse
How long has YUSD Stablecoin (YUSD) existed?
The YUSD stablecoin went live alongside Yeti Finance, which both launched on Avalanche in April 2022.
How many YUSD Stablecoin (YUSD) tokens are there?
There are currently 218,122,096.90 YUSD in circulating supply. The total max supply of YUSD stablecoins is unknown.
Can YUSD Stablecoin (YUSD) be mined?
It’s unclear whether you can mine YUSD stablecoin at the moment as it has not even been live for a year.
What is the market cap of YUSD Stablecoin (YUSD)?
The current live market cap of YUSD stablecoin is $32,908,171. This is based on a 24-hour trading volume of $627,469. Like anything in crypto, these figures will likely jump around as the market shifts.
The current price of YUSD stablecoin is $0.9526.
Biggest Competitors Of YUSD Stablecoin (YUSD)
There are many stablecoins on the crypto market. The ones that are currently on the same level as the YUSD stablecoin include:
- JPY Coin V1
- SpiceUSD
- Alchemix USD
- Moremoney USD
- USDi.
You could consider these stablecoins to be the biggest rivals to the YUSD stablecoin as they are close in terms of the daily trading volume.
What Are The Future Plans For YUSD Stablecoin (YUSD)?
Given that the YUSD stablecoin has only been live since April of 2022, Yeti Finance’s current plans are unlikely to go further than successfully launching the coin and increasing its circulating supply.
Once the coin has comfortably settled into the crypto market Yeti Finance may announce some plans for the stablecoin. At the moment, there is no indication of a roadmap. With the price, market cap, wallet connect capabilities, and more uncertain as of yet in this stablecoin asset, it could be seen as a highly risky activity to invest in it.
Risks can yield results though, and it is always advised to do your own data research before any investment.
Pros And Cons Of YUSD Stablecoin (YUSD)
Pros
- You can redeem YUSD stablecoin at any time.
- It is a decentralized stablecoin. This means it is not directly controlled by the governing body like other stablecoins.
Cons
- The coin was only released in 2022, so it may be risky to invest in it right away. Do your own research and keep an eye on the YUSD stablecoin price to determine whether it’s worth investing in this asset.
https://blog.yetifinance.co/understanding-yusd-the-stablecoin-of-the-future-6e5f72781fe8
https://docs.yeti.finance/yeti-and-yusd/tokens-overview
https://coinmarketcap.com/currencies/yusd-stablecoin/
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