Two sources must agree within 1 %. Then one price is signed.
| Currency | ECB | open.er-api | Spread | Signed |
|---|---|---|---|---|
| Euro | 0.8763 | 0.8774 | 12 bps | 0.8769 |
| Japanese Yen | 157.9200 | 158.1273 | 14 bps | 158.0236 |
| British Pound | 0.7532 | 0.7545 | 18 bps | 0.7539 |
| Swiss Franc | 0.8229 | 0.8245 | 20 bps | 0.8237 |
| Australian Dollar | 1.4150 | 1.4195 | 33 bps | 1.4173 |
The vault, the oracle and the buffer.
No creator can move the peg or drain the vault.
USDG in, tokens out. 0.10 % fee to the buffer.
Same price, back to USDG.
Above €1, mint and sell. Below, buy and redeem.
No owner, pause, blocklist or withdraw.
Contract, oracle, collateral and liquidity risk remain. Creator risk does not.
| Token | Reserves | Owed | Buffer | Backing |
|---|---|---|---|---|
| $DOLLAR | 1,300.00 | 1,198.80 | 101.20 | |
| $EURO | 1,150.00 | 999.00 | 151.00 | |
| $YEN | 500.00 | 399.60 | 100.40 | |
| $QUID | 350.00 | 249.75 | 100.25 |
Each token has its own vault. Minting takes USDG at the signed FX price and issues tokens; redeeming burns tokens and pays USDG back, each minus a 0.10% fee.
If the market price drifts away from the target, minting or redeeming at the peg becomes the cheaper route, and that arbitrage pulls the price back toward it.
Minting stops when backing after the mint would fall below 105%. A 100 USDG buffer backs about 2,000 USDG of tokens and survives a 5% FX move.
No. The currency and the target are fixed at launch. Nobody, the creator included, can withdraw the buffer or reserves.
Redeem then pays your fair share of the reserves instead of the full peg, so nobody gains by running first. A currency jumping more than 5% against the dollar before the buffer grows can cause this, and it is a real risk.
A protocol signer, never the creator. The contract checks the signature and rejects prices older than 5 minutes or more than 3% away from the last one. That signer is a trust point until Pyth or a multi-signer quorum replaces it.
