The USB Stablecoin Platform
The USB Stablecoin Platform allows Minters to deposit collateral and to mint the USB stablecoin ($USB) against their deposited collateral. USB is a USD-pegged stablecoin backed by cryptoassets. USB stablecoins are burned when the Minter re-deposits USB against their open position. The USB Stablecoin Platform is intended to be similar to the DAI stablecoin platform, with the following key differences:
- 1.The USB Stablecoin platform mints and burns the USB stablecoin (as opposed to DAI).
- 2.USB Collateral Safes will accept a larger variety of assets (Tier 1 – Tier 4 altcoins).
- 3.Platform fees will be distributed as rewards to FRIN token stakers.
The USB Stablecoin facility allows Minters to deposit altcoin collateral into a USB Collateral Safe of their own and receive a Line of Credit (LOC). Collateral assets accepted by USB Collateral Safes are whitelisted Tier 0 to Tier 4 assets. Minters may mint USB stablecoins against their LOC (i.e. USB stablecoins are collateralized). Upon repayment, the USB is burned and the Minter’s LOC is unlocked proportionally to the amount repaid.
In the next pages of this section, we will explore the user roles and mechanisms of the USB Stablecoin Platform.