USSD
What is USSD?
USSD is a U.S. Treasury-backed stablecoin native to the Sonic ecosystem. It is built on Frax's GENIUS-compatible frxUSD stablecoin infrastructure and serves as the primary source of stable liquidity across Clove and the broader Sonic network.
USSD is designed to be a foundational asset within the Sonic ecosystem — powering lending markets, trading pairs, and liquidity across the platform's integrated products.
Backing & Collateral
USSD is fully backed 1:1 by short-duration USD assets held with regulated custodians. Reserves are composed of tokenized U.S. Treasury products from established institutions, including:
BlackRock (BUIDL)
Superstate (USTB)
WisdomTree (WTGXX)
Additional top-tier providers as the reserve set expands
All reserves are transparent and verifiable on-chain through Frax's infrastructure.
Minting
USSD is minted through non-custodial smart contracts at a 1:1 ratio with no minting fees.
Supported mint assets include:
Stablecoins: USDC, USDT, PYUSD, USDB
Tokenized Treasuries: BUIDL, USTB, WTGXX, and other approved USD/Treasury representations
USSD supports cross-chain minting from 10+ networks. Users can deposit a supported asset on another chain and receive USSD directly on Sonic, depending on available routes.
Mint now: Mint USSD
Redemption
USSD can be redeemed 1:1 into supported USD assets on the chain of your choice. Redemption is contract-driven and supports:
Cross-chain liquidity movement
Settlement and treasury operations
Rebalancing between ecosystems
Redemption paths are available across CCTP-supported chains where applicable.
Redeem now: Redeem USSD
Fiat On/Off-Ramp
Subject to applicable KYC/AML requirements and issuer approval, eligible users may access fiat conversion routes through supported infrastructure.
On/Off-ramp now: On/Off-ramp USSD
Contract & Deployments
Contract & Deployments
Contract address: 0x000000000eccff26b795f73fb0a70d48da657fef
Deployed on: Sonic, Ethereum, Base, Arbitrum, and 7 additional chains.
Price Feeds
USSD/USD pricing is available on-chain via Chainlink. Additional price feeds will be added as USSD expands across supported networks.
Why a Native Stablecoin?
Unlike externally issued stablecoins that serve multiple blockchain networks, USSD is designed to be native to Sonic. This alignment means stablecoin liquidity grows alongside the network and its applications, rather than being fragmented across competing ecosystems. The underlying Treasury yield flows back into the DeFi ecosystem through Frax's infrastructure.
For more information on Frax's stablecoin infrastructure and security track record, visit frax.com.
Security audit for Frax (USD Stablecoin): Frax USD Stablecoin Audit by Zellic
See USSD Disclaimer for important disclosures.
Last updated