Overview: USH Stablecoin on MultiversX

Key Features

• Overcollateralization & Minting:
  • USH can be minted through two facilitators—(1) the Hatom Lending Protocol, where collateralized deposits back new USH at fixed rates, and (2) Isolated Pools that allow users to deposit EGLD or sEGLD and mint USH with no fees, leveraging liquid staking.
• Peg Mechanisms:
  • USH maintains its $1 peg via two mechanisms:
    • A "Soft Peg" within the Lending Protocol ensures USH always maintains a $1 value on protocol accounting, regardless of external market price,
    • A "Hard Peg" that enables Redemption Mode if USH trades significantly below $1; users can seize collateral to restore the peg12.
• Security:
  • Hatom invested over $3 million in audits for USH and related protocols, making it one of the most-audited projects on MultiversX3.
• Liquidity & Ecosystem Support:
  • USH is designed to provide deeper liquidity for DeFi applications. Other ecosystem projects (e.g., ProteoDeFi) plan to integrate USH for improved capital efficiency45.

Launch Timeline

• Hatom released USH on devnet in November and scheduled a mainnet launch for March 2025, following final audits and readiness for broader adoption13.

Stability & Risk Management

• Delta-Neutral Yields: The upcoming USH Proxy product (formerly Hatom Pulse) will offer users enhanced yields without market exposure (delta-neutral strategies).
• Redemption & Market Stability: If USH’s price drops below peg, Redemption Mode activates, incentivizing market participants to redeem USH and restore value through arbitrage2.

Integrations

• Other DeFi protocols and stablecoins within the MultiversX ecosystem, such as ProteoDeFi’s ProUSD, include USH as part of their collateral basket, enhancing its utility and liquidity in the broader ecosystem45.