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Record sog_st_alusd

alUSDAlchemix USD

Also recorded as alUSD, Alchemix USD, Alchemix alUSD

Active

Lifecycle: Active
Issuance: Protocol-based
Reference target: US dollar
Primary organization: AlchemixNo additional recorded relationship
Launch: 2021-02-22
Redemption: Protocol Redemption
Backing: Crypto-collateralized
Stabilization: Overcollateralized vault
Last review: 2026-06-14
Evidence: 3 source records

Reviewed assessment

Identity and current state

This summary reports reviewed facts and uncertainty. It is not a rating or recommendation.

USD-targeted synthetic debt asset issued by Alchemix against yield-bearing stablecoin collateral. Collateral yield reduces borrower debt while alUSD can be repaid, exchanged, or routed through protocol conversion mechanisms.

Name	Alchemix USD
Symbol	alUSD
Aliases	alUSD, Alchemix USD, Alchemix alUSD
Asset class	Stablecoin
Lifecycle status	Active
Issuance status	Protocol-based
Canonical record ID	`sog_st_alusd`
Route slug	`alusd`
Record confidence	High
Last reviewed	2026-06-14

Name: Alchemix USD
Symbol: alUSD
Aliases: alUSD, Alchemix USD, Alchemix alUSD
Asset class: Stablecoin
Lifecycle status: Active
Issuance status: Protocol-based
Canonical record ID: sog_st_alusd
Route slug: alusd
Record confidence: High
Last reviewed: 2026-06-14

Record coverage

Section	Entries
Organizations	1
Sources	3
Reserve reports	0
Reserve components	1
Model-history events	1
Regulatory notes	0
Deployments	1
Issuer-control actions	0
Open questions	2
Events	1

Organizations and control

Primary display is a navigation and summary choice only. It does not replace other organizations or imply sole legal responsibility, operational control, reserve custody, or historical continuity.

Governance: DAO Governed
Primary display organization: Alchemix
Primary display role: Protocol operator
Display selection mode: Deterministic Policy
Current relationships: 1
Ended relationships: 0
Unknown relationship state: 0
Freeze capability: 0 recorded yes · 0 recorded no · 1 not recorded
Blacklist capability: 0 recorded yes · 0 recorded no · 1 not recorded
Deployment control-event references: 0
Observed issuer-control events: 0
Relationship coverage: 1 recorded relationship

All current, ended, and unknown-state organization relationships
Organization	Organization category	Regulatory character	Jurisdiction	Role	Display priority	From	Until	Relationship status
Alchemix	Protocol or software system	Protocol or decentralized system	Unknown or not publicly resolved	Protocol operator	Primary display	2021-02-22	Not yet recorded	Active relationship

Protocol or software system

Alchemix

Primary display

Functional role: Protocol operator
Relationship status: Active relationship
Regulatory character: Protocol or decentralized system
Jurisdiction: Unknown or not publicly resolved
From: 2021-02-22
Until: Not recorded

Mechanism

How the asset works

Reference, backing, stabilization, exit, valuation, and yield remain separate facts.

Reference target: US dollar
Reference kind: Fiat
Comparison category: US dollar
Target value: 1
Reference methodology: alUSD targets one U.S. dollar through overcollateralized debt, repayment, liquidity, and Transmuter mechanisms.
Public backing model: Crypto-collateralized
Canonical backing types: Stablecoin Collateral, Mixed
Reserve component categories: Stablecoin Collateral
Primary stabilization mechanism: Overcollateralized vault
Recorded model description: Yield Backed Overcollateralized Synthetic Debt
Redemption / exit model: Protocol Redemption
Valuation source: Alchemix vault, debt, and Transmuter accounting
Yield / rebase profile: No recorded change · Accrual: No recorded change
Classification notes: Yield-backed synthetic debt asset. Collateral receipts, vault positions, and bridged representations are separate layers.

Reserve and redemption

Recorded components, disclosures, reports, and redemption conditions remain explicit.

Reserve components

Stablecoin collateralStablecoin Collateral

Reserve profile

Disclosure status	Protocol-transparent
Backing types	Stablecoin Collateral, Mixed
Summary	alUSD is issued as debt against supported yield-bearing stablecoin collateral in Alchemix vaults. The debt system, collateral adapters, protocol administration, and version-specific contracts are visible on-chain and in protocol documentation.
As of	2026-06-14
Profile confidence	High

Disclosure status: Protocol-transparent
Backing types: Stablecoin Collateral, Mixed
Summary: alUSD is issued as debt against supported yield-bearing stablecoin collateral in Alchemix vaults. The debt system, collateral adapters, protocol administration, and version-specific contracts are visible on-chain and in protocol documentation.
As of: 2026-06-14
Profile confidence: High

Redemption profile

Current status	Protocol Based
Settlement asset	Debt repayment with alUSD, supported Transmuter outputs, collateral withdrawal after debt settlement, or market exit
Eligible parties	Users interacting with current Alchemix contracts and supported interfaces.
Retail access	Public Protocol Based
Institutional access	Public Protocol Based
Minimum amount	Contract, term, liquidity, and gas dependent.
Fee	Protocol, term, liquidity, and network costs may apply.
Settlement time	Immediate for debt repayment or market exit; Transmuter conversion depends on the current mechanism and term.
Regional limits	Access depends on Ethereum, supported Alchemix interfaces, protocol version, collateral configuration, Transmuter terms, and current contracts.

Current status: Protocol Based
Settlement asset: Debt repayment with alUSD, supported Transmuter outputs, collateral withdrawal after debt settlement, or market exit
Eligible parties: Users interacting with current Alchemix contracts and supported interfaces.
Retail access: Public Protocol Based
Institutional access: Public Protocol Based
Minimum amount: Contract, term, liquidity, and gas dependent.
Fee: Protocol, term, liquidity, and network costs may apply.
Settlement time: Immediate for debt repayment or market exit; Transmuter conversion depends on the current mechanism and term.
Regional limits: Access depends on Ethereum, supported Alchemix interfaces, protocol version, collateral configuration, Transmuter terms, and current contracts.

Reserve and attestation history

Date	Publisher	Type	Assets covered	Record confidence
No reserve reports have been added yet.

No reserve reports have been added yet.

Deployments and legal context

Network state, contract identity, legal notices, and value states remain separate.

Blockchain deployments

Network	Network record state	Standard	Public deployment category	Canonical deployment type	Operational state	Recorded status	Change or proposal state	Canonicality	Canonicality record state	Verification state	Contract identity state	Contract or identifier	Freeze	Blacklist	Control events	Notes
Ethereum	Specific network recorded	Not yet recorded	Protocol-native or protocol-supported deployment	Protocol Issued Synthetic	Active	Active	No separate change state recorded	Synthetic representation	Canonicality recorded	Source-linked record; identifier not recorded	Identifier not recorded	Identifier not recorded	Not yet recorded	Not yet recorded	0	Canonical protocol deployment. Exact current token and component address map is retained as a open question pending version-normalized review.

Regulatory and official notices

Date	Title	Authority / publisher	Type	Summary
No regulatory notes have been added yet.

No regulatory notes have been added yet.

Evidence

Publisher, provenance, supported claims, archive state, reliability, and publication date remain separate.

3 source identities · 3 evidence relations
Source	Publisher	Source category	Provenance	Primary or secondary	Supported claims	Archive	Reliability
Introducing Alchemix Published 2021-02-22	Alchemix Finance	Official statement or announcement Canonical: Official Statement	Subject-controlled source	Primary source	Launch and Design, Yield Backed Debt, Event Date	Archive index or wildcard	High
Alchemix protocol and alUSD current documentation Published Not yet recorded	Alchemix Documentation	Official documentation or product page Canonical: Official Documentation	Subject-controlled source	Primary source	Current Protocol State, Issuance Mechanics, Governance	Archive index or wildcard	High
Alchemix Transmuter conversion mechanics Published Not yet recorded	Alchemix Documentation	Official documentation or product page Canonical: Official Documentation	Subject-controlled source	Primary source	Redemption and Conversion, Burn Mechanics, Underlying Settlement	Archive index or wildcard	High

Known unknowns

Known unknowns and coverage

Missing or disputed facts remain visible instead of being converted into certainty.

Open questions

Topic	What remains unclear	Value state	Priority	Last checked
Current Contract Version Map	The complete mapping of alUSD token, V1, V2, V3, Alchemist, Transmuter, and adapter contracts is not normalized in this batch.	Unknown after review	Medium	2026-06-14
Current Exit Capacity	Current alUSD market liquidity, Transmuter capacity or term, and collateral-specific exit availability can change and require live contract-level monitoring.	Unknown after review	Medium	2026-06-14

Current Contract Version Map

The complete mapping of alUSD token, V1, V2, V3, Alchemist, Transmuter, and adapter contracts is not normalized in this batch.

Value state: Unknown after review
Priority: Medium
Last checked: 2026-06-14

Current Exit Capacity

Current alUSD market liquidity, Transmuter capacity or term, and collateral-specific exit availability can change and require live contract-level monitoring.

Value state: Unknown after review
Priority: Medium
Last checked: 2026-06-14

Lifecycle

History

Current classification remains separate from dated changes and incidents.

Model and lifecycle changes

2021-02-22Alchemix introduces alUSD and yield-backed borrowingOther

Event timeline

Date	Event	Category	Subtype	Status effect	Recovery
2021-02-22	Alchemix introduces alUSD and yield-backed borrowing	Launch and introduction	Launched	Remained active	Not applicable

Related records and corrections

Corrections and further reading

Open connected records, methodology, machine-readable data, or report a correction.