US Permissionless Dollar

US Permissionless Dollar strips the company out of the stablecoin entirely. Built by the team behind Morpher, USPD has no admin keys and no central issuer; it is minted by overcollateralizing staked ether, so each token is a purely onchain claim against stETH rather than a bank balance. Because that collateral is a yield-bearing asset, the design lets the staking return flow to the token natively rather than to a middleman. Anyone can mint or redeem through the contracts without KYC, which is the whole point of the "permissionless" name and gives holders a direct, self-custodial claim on the underlying. Living on Ethereum and Base, USPD sits in the lineage of crypto-collateralized dollars like DAI, but leans specifically on liquid-staked ETH for both its backing and its yield. Its safety rises and falls with stETH's peg, its collateral ratio and the health of Ethereum staking.