Stablecoin record
mStable USD
Basket-backed meta-stablecoin from mStable, historically minted and redeemed against selected USD stablecoins on Ethereum and Polygon. It is now treated as a legacy product with withdrawal and contract-exit paths rather than a current flagship issuance product.
LifecycleRestricted
Events1
Sources4
| Symbol | mUSD |
|---|---|
| Asset class | Stablecoin |
| Reference target | Fiat |
| Redemption / exit model | Protocol Redemption |
| Valuation source | mUSD basket accounting and legacy contract state |
| Yield / rebase profile | No recorded change · Accrual: No recorded change |
| Classification notes | Legacy basket-backed asset with residual withdrawal or contract-exit paths. Current issuance availability remains unresolved. |
| Lifecycle status | Restricted |
| Issuance status | Unknown |
| Peg reference | Fiat · USD |
| Backing types | Stablecoin Collateral, Mixed |
| Stabilization | Protocol Arbitrage |
| Governance | DAO Governed |
| Primary organization | mStable |
| Primary role | Protocol Operator |
| Last reviewed | 2026-06-14 |
| Organization | Role | From | Until | Relationship status |
|---|---|---|---|---|
| mStable | Protocol Operator | — | — | Active |
All stablecoins
Compare this record with the rest of the archive.
mStable
DeFi Protocol · Unknown
Event history
1 event connected to this stablecoin.
| Disclosure status | Protocol Transparent But Legacy |
|---|---|
| Backing types | Stablecoin Collateral, Mixed |
| Summary | mUSD was backed by a basket of approved USD stablecoins with protocol weight limits and mint/redemption accounting. Historical documentation lists Ethereum and Polygon baskets, but current residual basket composition and active issuance state require direct contract review. |
| As of | 2026-06-14 |
| Profile confidence | Medium |
| Current status | Restricted |
|---|---|
| Settlement asset | Supported basket assets or legacy withdrawal outputs through remaining contracts and interfaces |
| Eligible parties | Users able to interact with legacy mStable contracts, withdrawal tooling, or remaining liquidity routes. |
| Retail access | Legacy Contract or Withdrawal Route |
| Institutional access | Legacy Contract or Withdrawal Route |
| Minimum amount | Contract, liquidity, and gas dependent. |
| Fee | Swap, redemption, liquidity, and network costs may apply. |
| Settlement time | Contract and network dependent. |
| Regional limits |
| Section | Entries |
|---|---|
| Organizations | 1 |
| Sources | 4 |
| Reserve reports | 0 |
| Regulatory notes | 0 |
| Deployments | 1 |
| Issuer-control actions | 0 |
| Open questions | 2 |
| Events | 1 |
| Date | Event | Type | Detail kind | Recovered |
|---|---|---|---|---|
| 2026-01-23 | mUSD remains a limited legacy product during the mStable relaunch | Redemption Change | Redemption Change | — |
| Date | Publisher | Type | Assets covered | Record confidence |
|---|---|---|---|---|
| No reserve reports have been added yet. | ||||
| Date | Title | Authority / publisher | Type | Summary |
|---|---|---|---|---|
| No regulatory notes have been added yet. | ||||
| Chain | Standard | Deployment | Status | Freeze | Blacklist | Control events | Contract | Notes |
|---|---|---|---|---|---|---|---|---|
| Ethereum | — | Legacy Canonical Issuance | Restricted | Unknown | Unknown | 0 | 0xe2f2a5C287993345a840Db3B0845fbC70f5935a5 | Historical Ethereum mUSD token. Current issuance, basket composition, and frontend support require ongoing contract-level verification. |
| Source | Publisher | Type | Evidence scope | Reliability |
|---|---|---|---|---|
| mUSD asset documentation | mStable Documentation | Official Documentation | Asset Mechanics, Basket Backing, Mint Redemption | High |
| mStable Save and imUSD documentation | mStable Documentation | Official Documentation | Adjacent Asset Boundary, Imusd Distinction, Yield Layer | High |
| mStable current product site and relaunch materials | mStable | Official Statement | Current Product Focus, Legacy Transition, Organization Status | High |
| mStable legacy withdrawal application | mStable | Official Application | Legacy Withdrawal Path, Redemption Exit, Current Interface | High |
| Topic | What remains unclear | Priority | Last checked |
|---|---|---|---|
| Current Mint and Redeem State | The current availability of normal mUSD minting, basket redemption, and every legacy frontend route has not been fully verified against live contracts. | High | 2026-06-14 |
| Residual Basket and Crosschain State | Current Ethereum and Polygon basket composition, feeder-pool state, liquidity depth, and cross-chain support require direct contract-level review. | Medium | 2026-06-14 |