Youves uUSD

On Tezos, Youves lets anyone lock tez in a vault and mint uUSD against it, a soft-pegged dollar with no company and no KYC in the loop. The system is deliberately overcollateralized: the protocol targets a 300 percent collateral ratio, so posting about three dollars of tez lets a user mint one dollar of uUSD, cushioning the peg against Tezos price swings. Redemption is an onchain right rather than an issuer promise; a holder can always claim collateral through the protocol, and a conversion mechanism helps pull the token back toward a dollar when it trades below peg. Yield comes from staking within the platform rather than from the plain token. Built by the Swiss firm ubinetic and governed as a self-running DAO, Youves is one of the longer-standing pieces of Tezos DeFi, and uUSD's fortunes track both that chain's collateral values and the depth of its onchain liquidity.