Parrot USD

Minted on Solana against deposited stablecoins, Parrot USD was one of the early attempts to give that chain a native collateralized dollar. Parrot Protocol lets users lock USDC or USDT into a vault and generate PAI as an over-collateralized loan, redeemable by repaying the position through the protocol rather than by any issuer. The design leaned on the broader idea of unlocking value trapped in DeFi collateral, with PAI as the stable unit at its center. In practice the token has stayed a niche instrument tied to Parrot's own lending and liquidity apps rather than a widely held Solana dollar, and its float is modest. There is no fiat reserve and no company redemption desk; the peg rests entirely on the over-collateralization and the health of the vaults backing it. Holders looking to exit generally do so on Solana's secondary markets.