Origin Protocol | Bluechip

OUSD by Origin Protocol is backed by reserves invested across selected onchain strategies, like supplying assets to Morpho vaults, providing protocol-owned liquidity to Curve Finance, and staking USDS on Sky Money.
OUSD inherits technical risk from external protocols since reserves are held in third-party smart contracts that are not owned by Origin Protocol. Any exploit or loss of funds in these protocols will directly impact the peg.
OUSD reserves are largely backed by onchain collateral via staked USDS, and Morpho vaults that lend against BTC and ETH. Increasing exposure to these strategies cuts regulatory risk and custodian dependence.
OUSD reserves are partially backed by offchain collateral via USDC deployed on Curve Finance. While this leads to poor decentralization, it increases stability by relying on safer underlying collateral and a better mechanism to keep the peg.
OUSD is governed by OGN stakers. While vote escrows and time delays dissuade governance attacks, the protocol experiences weak participation from unaffiliated OGN holders.
Suitability - OUSD is most suitable for (a) users seeking to earn passive yield from onchain strategies, and (b) users seeking exposure to the US Dollar in an onchain format.

The following outcomes may improve factor scores.

Origin Protocol reduces exposure to offchain collateral (via USDC) and increases exposure to onchain collateral (like BTC and ETH).
Origin Protocol implements preventive measures against governance attacks like immutable contracts, historical time-weighted voting power, or voting cliffs.

OUSD is backed by reserves invested in onchain strategies like supplying assets to Morpho vaults, providing protocol-owned liquidity to Curve Finance, and staking USDS on Sky Money.

Reserves are held third-party smart contracts controlled by these external protocols. Onchain secondary markets remain are dominiated by protocol-owned liquidity.

Origin Protocol was founded in 2017 by Josh Fraser and Matthew Liu. Both co-founders have prior experience of founding new ventures, and investing in crypto assets.

Origin Protocol is registered in the Cayman Islands.

This factor evaluates technical implementation using sub-factors that cover smart contract quality, oracle & bridge risk, supply integrity, and more.

This rating was published under a previous version of our methodology, which did not assign a standalone score to this factor.

OUSD isn’t directly regulated but holds USDC and USDS, creating regulatory and custodian exposure via fiat-backed assets and bonds.

Although governance has been vested in OGN stakers, participation from unaffiliated token holders is weak.

OUSD is governed by OGN stakers. Outcomes of successful governance proposals are executed automatically.

Measures like vote escrows (veOGN) and time delays dissuades governance attacks and give users enough time to react.

This factor evaluates external feedback using indicators like prediction markets, social sentiment, perpetual futures, and more.

Currently, we do not assign a standalone score to this factor. An independent assessment of external feedback will be included in future iterations.