FAQ
eUSD
What is eUSD?
An overcollateralized stablecoin minted against eSPY, the tokenized S&P 500 on Own. Every eUSD is backed by at least $1.50 of eSPY held in audited onchain contracts. The design follows Liquity, whose mechanism has kept LUSD solvent since 2021, adapted for stock collateral.
How is eUSD different from USDC or USDT?
USDC and USDT are IOUs on a bank account: an issuer holds dollars offchain and you trust their attestations. eUSD's backing is onchain and verifiable every block, with liquidations and redemptions enforced by code. It is also productive: its collateral is the S&P 500, and staking it earns real trading fees.
How does eUSD hold its $1 peg?
Three mechanisms. Overcollateralization: minting requires at least 150% backing. Redemption: anyone can burn 1 eUSD for exactly $1.00 of eSPY from the riskiest positions, a risk-free arbitrage below $1. Liquidation: positions below 130% backing are repaid by keepers. Details on How the peg holds.
Where does the staking yield come from?
From trading fees, not token emissions. $OWN trades on the Pons launchpad paired with SPY; 50% of the pair's fees are converted to eUSD and streamed into the sEUSD vault, vesting continuously into the share price. The other half goes to the protocol treasury.
Can I unstake at any time?
Yes. sEUSD has no lockup and no cooldown. The vault only ever distributes eUSD it already holds, so redemptions are always fully covered.
How do I get eSPY?
Swap USDG for eSPY in the app, or wrap SPY you already hold on Robinhood Chain into eSPY 1:1 through the PSM, with no fee and no spread.
Do I keep the upside on my eSPY?
Yes. Debt is in dollars and collateral is in eSPY, so all appreciation is yours. If eSPY rises 30%, you repay the same eUSD and withdraw collateral worth 30% more.
What happens if my position gets liquidated?
A keeper repays your debt and takes collateral worth the repayment plus 5%. Anything left over returns to you in the same transaction, and the eUSD you minted stays yours. Details on Liquidations.
What happens when the stock market is closed?
Minting and withdrawing collateral against debt pause outside trading hours; every exit (repay, close, redeem, unstake) works 24/7. See Market hours & exits.
eTokens
What backs an eToken?
Two layers: a protocol-owned Reserve Vault holding real tokenized stock 1:1 by value, plus LP crypto collateral insuring whatever the reserves do not cover. See Backing & solvency.
Can I always exit?
Yes, through a four-tier waterfall ending in a self-serve force-execution right against LP collateral at the oracle price. The everyday paths (maker fill, PSM in-kind redemption) are instant. See Exit guarantees.
Are there mint or redeem fees?
No protocol fees in either direction. The maker's spread is the only trading cost; PSM conversion is entirely free.
Can my eTokens be liquidated?
Plain holdings, never: they are fully paid exposure. Only positions you choose to open against them (borrowing, eUSD minting) carry liquidation rules.
General
Is Own audited and open source?
Yes. Contracts are public, verified onchain, and independently audited across multiple rounds. See Security & audits.
Is there a token?
$OWN launches on the Pons launchpad paired with SPY as a fair launch: no presale, no insider allocation.