mStable USD

mStable's dollar was a stablecoin of stablecoins. mUSD is a meta-asset from the DAO-governed mStable protocol that pooled several dollar tokens into one. Rather than holding fiat, it was minted from and redeemable one-to-one against a basket of USD stablecoins, historically DAI, USDC and USDT, earning a native yield from lending income and swap fees on that pooled liquidity. The mint and redeem path is permissionless: anyone can exchange the underlying basket assets for mUSD or back through the smart contracts, with no KYC and no company desk, so the token's value rests on the coins it holds. mStable deprecated its mUSD and imUSD products in March 2023, steering the protocol elsewhere, though the basket-backed token still exists on Ethereum, Gnosis Chain and Polygon. Its peg only ever tracked the stablecoins inside the basket.