Stablecoin record

Alchemix USD

USD-targeted synthetic debt asset issued by Alchemix against yield-bearing stablecoin collateral. Collateral yield reduces borrower debt while alUSD can be repaid, exchanged, or routed through protocol conversion mechanisms.

LifecycleActive

Events1

Sources3

Overview

Symbol	alUSD
Asset class	Stablecoin
Reference target	Fiat
Redemption / exit model	Protocol Redemption
Valuation source	Alchemix vault, debt, and Transmuter accounting
Yield / rebase profile	No recorded change · Accrual: No recorded change
Classification notes	Yield-backed synthetic debt asset. Collateral receipts, vault positions, and bridged representations are separate layers.
Lifecycle status	Active
Issuance status	Protocol Based
Peg reference	Fiat · USD
Backing types	Stablecoin Collateral, Mixed
Stabilization	Overcollateralized Vault
Governance	DAO Governed
Primary organization	Alchemix
Primary role	Protocol Operator
Last reviewed	2026-06-14

Organizations and roles

Organization	Role	From	Until	Relationship status
Alchemix	Protocol Operator	2021-02-22	—	Active

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Alchemix

DeFi Protocol · Unknown

Event history

1 event connected to this stablecoin.

Reserve profile

Disclosure status	Protocol-transparent
Backing types	Stablecoin Collateral, Mixed
Summary	alUSD is issued as debt against supported yield-bearing stablecoin collateral in Alchemix vaults. The debt system, collateral adapters, protocol administration, and version-specific contracts are visible on-chain and in protocol documentation.
As of	2026-06-14
Profile confidence	High

Redemption profile

Current status	Protocol Based
Settlement asset	Debt repayment with alUSD, supported Transmuter outputs, collateral withdrawal after debt settlement, or market exit
Eligible parties	Users interacting with current Alchemix contracts and supported interfaces.
Retail access	Public Protocol Based
Institutional access	Public Protocol Based
Minimum amount	Contract, term, liquidity, and gas dependent.
Fee	Protocol, term, liquidity, and network costs may apply.
Settlement time	Immediate for debt repayment or market exit; Transmuter conversion depends on the current mechanism and term.
Regional limits

Record coverage

Section	Entries
Organizations	1
Sources	3
Reserve reports	0
Regulatory notes	0
Deployments	1
Issuer-control actions	0
Open questions	2
Events	1

Event timeline

Date	Event	Type	Detail kind	Recovered
2021-02-22	Alchemix introduces alUSD and yield-backed borrowing	Launched	Other	—

Reserve and attestation history

Date	Publisher	Type	Assets covered	Record confidence
No reserve reports have been added yet.

Regulatory and official notices

Date	Title	Authority / publisher	Type	Summary
No regulatory notes have been added yet.

Blockchain deployments

Chain	Standard	Deployment	Status	Freeze	Blacklist	Control events	Contract	Notes
Ethereum	—	Protocol Issued Synthetic	Active	Unknown	Unknown	0	Not yet verified	Canonical protocol deployment. Exact current token and component address map is retained as a open question pending version-normalized review.

Sources

Source	Publisher	Type	Evidence scope	Reliability
Introducing Alchemix	Alchemix Finance	Official Statement	Launch and Design, Yield Backed Debt, Event Date	High
Alchemix protocol and alUSD current documentation	Alchemix Documentation	Official Documentation	Current Protocol State, Issuance Mechanics, Governance	High
Alchemix Transmuter conversion mechanics	Alchemix Documentation	Official Documentation	Redemption and Conversion, Burn Mechanics, Underlying Settlement	High

Open questions

Topic	What remains unclear	Priority	Last checked
Current Contract Version Map	The complete mapping of alUSD token, V1, V2, V3, Alchemist, Transmuter, and adapter contracts is not normalized in this batch.	Medium	2026-06-14
Current Exit Capacity	Current alUSD market liquidity, Transmuter capacity or term, and collateral-specific exit availability can change and require live contract-level monitoring.	Medium	2026-06-14