Market hours & exits
eUSD's collateral is a stock index, and stocks stop trading nights and weekends. The protocol handles this with one rule, applied by risk direction: actions that increase risk need a fresh in-session price; exits never do.
The asymmetry
| Action | Risk direction | Price requirement | Available |
|---|---|---|---|
| Mint eUSD | Increases | Fresh, in-session, ≤ 15 min old | Market hours only |
| Withdraw collateral (with debt) | Increases | Fresh, in-session, ≤ 15 min old | Market hours only |
| Repay | Decreases | None | 24/7 |
| Close position | Decreases | None | 24/7 |
| Redeem eUSD | Decreases | Last anchor, no age bound | 24/7 |
| Liquidate | Decreases | Last anchor, no age bound | 24/7 |
| Stake / unstake sEUSD | Neutral | None | 24/7 |
This is the unblockable-exit rule: there is no state of the oracle, the market, or the protocol in which a holder cannot repay, close, redeem, or unstake. Liquity never needed this distinction because ETH trades continuously; for equity collateral it is the load-bearing design choice.
Trading pause
Governance can pause trading globally or per asset. A pause blocks mint and collateral withdrawal against debt for its duration, exactly like the off-hours rule, while every exit stays open. Valuations are unchanged during a pause. An independent eUSD-specific mint pause exists as a separate lever.
Asset halt
A halt is the permanent wind-down of a collateral asset at a fixed, operator-set price (see Dividends & halts). The eUSD manager follows it: every ratio, liquidation, and redemption values the halted collateral at the halt price and stops reading the feed, so exits keep working even after the price feed dies. Minting against halted collateral reverts. The wind-down uses only normal paths: owners repay and close, keepers liquidate, redeemers redeem, all at the halt price.