Zhu Su: The inspiration for oUSD comes from the collapse of UST and FTT

ChainCatcher news, Zhu Su, founder of Three Arrows Capital and OPNX, stated that the inspiration for the credit stablecoin oUSD launched by OPNX today comes from UST and FTT. UST serves as a passive sink for investors, but has a low capital utilization rate, while FTT has a high demand for borrowing, with Genesis and FTX users being the only natural lenders. The lack of sufficient active bonds issued by UST led to a death spiral due to the absence of natural buyers.

Margin currency should be the unit of the account itself, which replicates the ultra-stable derivatives structure that Okex has maintained for years, continuously socializing risk into the profit pool. Therefore, OPNX, utilizing oUSD, possesses immediate inheritance of provable solvency, provable liquidation (especially without proof of illiquid internal liquidity), and the attribute that all customer assets are on-chain, enabling it to calmly expel risk in the event of force majeure. (Source link)