Tori trUSD

Tori took the template Ethena made popular and shipped its own version. trUSD is a synthetic dollar that holds its price through delta-neutral trading, pairing crypto collateral with offsetting positions that capture funding on perpetual markets rather than through fiat sitting in a bank. Whitelisted users deposit eligible collateral to mint the token and redeem it back for USDC or USDT, which keeps direct par access with the protocol in institutional hands rather than open to any wallet. The yield those strategies earn flows to holders through a staked wrapper, strUSD, so trUSD itself functions as the base dollar and the staked form as the interest-bearing one. Issued by a British Virgin Islands entity behind the Tori Protocol and backed by investors including Delphi Ventures, it soft-launched on Ethereum in 2025 as one of a wave of synthetic dollars chasing perpetual-market funding.