Algorithmic / under-collateralized stablecoin
Circle USYC's assessment for RD-F-069 — scored not_applicable on the v1.7.0 rubric. The evidence below is the curator's reasoning for this score.
Evidence summary #
USYC is not a stablecoin. It is a NAV-appreciating tokenized money-market fund. Token price rises monotonically from ~$1.00 at issuance, currently ~$1.12, as T-bill yield accrues. No algorithmic mechanism; backed 1:1 by segregated prime brokerage assets (US Treasury Bills and reverse repo). PD-024: not a stablecoin design factor.
Sources #
- URLCoinGecko USYC - price history confirming NAV appreciationCoinGecko USYC: price $1.12, ATL $1.03 (Dec 2024), ATH $1.12 (Apr 2026) - monotonic appreciation confirming NAV-based non-stablecoin designretrieved 2026-05-16
Methodology #
Classify whether the protocol is an algorithmic or under-collateralized stablecoin design per curator classification.
See the full factor methodology and distribution across all protocols →
rubric_version v1.7.0 protocol circle-usyc factor RD-F-069 score not_applicable collected_at 2026-05-15 21:56:43