Lista USD

Lista USD started life as HAY, the stablecoin of BNB Chain's Helio Protocol, and was renamed after Helio merged into Lista DAO. It is a crypto-collateralized dollar: users lock BNB and other approved collateral into the protocol and mint lisUSD against it, over-collateralized so each token stays claimable for roughly a dollar of backing through volatility. There is no company redemption desk. The peg holds through onchain mechanics, liquidation of unhealthy positions and arbitrage, and holders interact with smart contracts rather than an issuer. Lista runs a conservative loan-to-value cap to absorb sharp BNB drawdowns. The token lives on BNB Chain, where Lista pairs its stablecoin with a liquid-staking business under the LISTA governance token.