Origin Launches OUSD Stablecoin for DeFi Backed by Three Other Stablecoins

The Origin project introduced the Origin Dollars (OUSD) stablecoin, the value of which will be calculated based on three other stablecoins on the Ethereum blockchain: USDT, USDC and DAI.

Origin co-founder Matthew Liu explained that users can receive OUSD by depositing any combination of the three stablecoins listed on the Origin app, or purchase OUSD on Uniswap’s decentralized exchange. Origin co-founder Josh Fraser says users won’t have to take extra steps to increase their OUSD balance. 

Origin will be farming these coins across multiple protocols, and will start with the Compound Decentralized Finance (DeFi) protocol. The resulting profit will be proportionally distributed among the OUSD holders. In the future, Origin plans to increase profits by obtaining liquidity, converting it into USDT, USDC and DAI.

The project management does not expect to receive large profits immediately after the launch of the stablecoin, however, as OUSD develops, various pools will be added. In the future, Origin intends to collaborate with Aave, dYdX and Balancer. According to Liu, OUSD was created in order to lower the threshold of entry into the DeFi industry and make it available to any user. OUSD will be integrated into all Dshop stores, the Origin trading platform.

“Sellers who were previously skeptical about accepting cryptocurrencies as payment will receive a ‘profitable farming’ tool. There are many advantages here over a traditional savings account. Now sellers will be motivated to use cryptocurrencies, ”said Origin CEO Matthew Liu.

However, the developers warned of possible risks, since the project’s smart contracts have not yet been audited. It is planned to be held in the near future. According to CoinGecko, over 40% of DeFi “farmers” cannot independently assess the risks of smart contracts and rely on auditors.

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