The Origin Dollar (OUSD) is a stablecoin that could earn interest. To explain, they claim money in OUSD can earn an 8.2% annual percentage yield (APY).
They claim an OUSD balance can compound multiple times a day. In addition, they claim the Origin Protocol automatically converts DeFi (decentralized finance) yields. Those yields will accrue in a digital wallet.
They built the Origin Dollar with the Origin Protocol. The Origin Protocol powers three tokens, the Origin Dollar, Origin Story, and the Origin Token (OGN). CoinMarketCap gave the Origin Token (OGN) a 29.61¢ Coin Price, a $115.109 million Market Cap, a $296.283 million Fully Diluted Market Cap, and a $27.924 million 24-Hour Market Volume on 21 February 2022. OGN was CoinMarketCap 338th largest cryptocurrency on 21 February 2022.
The Origin Dollar
The Origin Dollar is a stablecoin pegged to the US Dollar. That means each OUSD contains a smart contract that makes payment in US Dollars from a trust account when the account holder spends Origin Dollars. Interestingly, they claim US Dollars in OUSD can accrue faster than money in traditional savings accounts.
Origin Story allows creators to sell nonfungible tokens (NFTs) through personalized storefronts. In addition, they claim Origin Story helps NFT creators earn secondary royalties.
The Origin Token (OGN) allows users to own a stake in the Origin Ecosystem. Hence, the Origin Dollar (OUSD) is the stabelcoin for the Origin Ecosystem.
A Stablecoin for Yield Farming
Moreover, they claim OUSD is backed by other USD stablecoins including Tether (USDT), USDC (USDC), and the DAI (DAI). They further insure OUSD capital through governance tokens from the Aave and MakerDAO tokens.
Additionally, they claim you can OUSD smart contracts for automated yield farming. In yield farming, or liquidity farming, investors lending or stake cryptocurrency to earn interest and other rewards. For example, the Origin Dollar rewards yield farmers with an 8.2% annual percentage yield.
One use of yield farming is to reward early adopters of new cryptocurrencies, DAOs, DApps, DeFi solutions, and stablecoins. For example, Origin will reward people who exchange older stablecoins such as Tether for Origin Dollars.
They claim users can yield farm OUSD through noncustodial Ethereum (ETH) wallets. This is possible because there is no minimum holding period for OUSD, or minimum OUSD amount.
An Insured Stablecoin
Interestingly, they claim smart contract insurance can protect Origin Dollar (OUSD) holdings. However, the Origin Dollar insurance is optional, unlike the government insurance that protects many savings accounts.
To explain, Nexus Mutual and InsurAce Protocol provide DeFi coverage for OUSD. However, OUSD admits Nexus Mutual is not an insurance company. Instead, Nexus Mutual is a partnership that insures OUSD holders against losses. The insurance is not automatic. Instead, interested buyers will need can get a quote for OUSD coverage.
Origin Dollar also offers Nexus Mutual shield mining rewards. In shield mining, Nexus Mutual rewards users for covering risks on staking. They claim Nexus Mutual can cover 50% of the cover purchase price of Origin Dollars. Nexus Mutual stakers (risk assessors) can receive NXM rewards. For example, Origin (OGN) could match one Nexus Mutual (NXM) with one OGN token.
InsurAce is a decentralized multi-chain insurance protocol. InsurAce claimed to provide insurance for 108 protocols and 16 public chains on 20 February 2022. In addition, InsurAce claimed to have $40.4 million in Total Locked Value and cover $240.7 million worth of value on 21 February 2022. The Origin Protocol is one of the protocols,InsurAce insures.
Uses of the Origin Dollar (OUSD)
They claim you could use the Origin Dollar (OUSD) for instantaneous peer-to-peer (P2P) transfers, no-fee remittances, and as a store of value in high inflation countries such as Venezuela and Argentina. Plus, they claim to be building an Origin Dshop network to offer OUSD P2P payment.
However, they offer no evidence that OUSD P2P transfers, remittances, and the Origin Dshop are available for use. In addition, they claim OUSD can serve as a unit of account for tracking DeFi earnings without spreadsheets or dashboards.
Remittances, payments sent by individuals in one country to people in other nations, are big business. The World Bank estimates that remittances to low and middle-income countries grew by 7.3% to $589 billion in 2021.
Interestingly enough, the World Bank estimates the biggest remittance growth was to Latin America, a region OUSD claims to serve. Remittance flows to Latin America grew by 21.6% in 2022.
No-fee remittances could be popular because it costs 6.4% or $12.8 to send a $200 remittance, The World Bank estimates. Hence, the recipient only receives $187.20. Theoretically, a person could receive the full $200 with a no-fee remittance.
However, I cannot see how the no-fee remittances make money, so I cannot imagine any business offering no-fee remittances. To explain, companies such as Western Union can make $12.80 by sending a traditional remittance. There could be no profit from a no-fee remittance. hence, Origin could offer a product nobody will want to sell.
What Value Does the Origin Dollar (OUSD) have?
Mr. Market gives the Origin Dollar (OUSD) some value. For example, CoinMarketCap named OUSD the 245th largest cryptocurrency on 21 February 2022.
In addition, CoinMarketCap gave the Origin Dollar a 99.52¢ Coin Price, a $192.740 million Market Capitalization, a $192.747 Fully Diluted Market Cap, and a $318,331 24-Hour Market Volume on 21February 2022. They based those numbers on a Circulating Supply of 193.676 million OUSD.
In contrast, CoinBase gave the Origin Dollar a $1.00 Coin Price, a $192.7 million Market Cap, a $318,353.52 24-Hour Market Volume, and a Circulating Supply of 193.7 million on 21 February 2022. However, CoinBase shows the Origin Dollar is an unstable cryptocurrency by giving OUSD an all-time high of $1.84.
I think the Origin Dollar (OUSD) is an interesting stablecoin speculators need to investigate. If the claims about 8.2% are true, the Origin Dollar could become an excellent investment at some point.
Originally published at https://marketmadhouse.com on February 21, 2022.
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