dotUSD / USDT

PRICE MONITOR
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What's new

  1. 1.13.0

    New: a bell shows what changed.

  2. 1.12.6

    Issuance charts load faster.

  3. 1.11.0

    Optional browser fullscreen.

  4. 1.10.0

    Treasury holdings shown in purple.

  5. 1.7.4

    Links remember the issuance setting.

  6. 1.7.0

    Older history available beyond seven days.

  7. 1.6.0

    Hover shows total issuance.

  8. 1.4.1

    Total issuance on a right axis.

  9. 1.3.4

    Live metrics hidden in past views.

  10. 1.3.0

    Links keep units and scale.

Prices are quoted in USDT.

Emphasize small moves around $1.

Issuance in blue, Treasury holdings in purple. Both use the right axis.

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Peg tightness
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Absolute deviation
Price deviation
-bps
Relative to 1.00 USDT
Spot price
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USDT per dotUSD
Range low / high
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Basis points

Peg deviation

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—UTC

What is dotUSD?

dotUSD is Polkadot’s native stablecoin, designed to track one US dollar.

dotUSD is owned by the protocol and governed through Polkadot OpenGov. It is intended for payments, apps and on-chain budgets.

You can hold dotUSD on-chain without also holding DOT.

Phase 1USDT backing
You can mint dotUSD by depositing USDT and redeem it back at a one-to-one ratio. Minting is subject to a supply cap.
Phase 2DOT collateral
The proposed second phase would let you borrow dotUSD using DOT as collateral, with safeguards to account for changes in DOT’s value.

Source: dotUSD proposal

Why can the price differ from 1 USDT?

A 1:1 mint or redeem rate does not fix the price in trading pools.

The chart gets its price from the dotUSD/DOT and DOT/USDT pools. Swaps change the token balances in those pools, so the price can move above or below 1 USDT.

When minting and redemption are available at 1:1, traders can profit from the difference. This is called arbitrage, and it helps bring the pool price back toward 1 USDT.

Fees and slippage can make small differences unprofitable to trade. Supply caps or restrictions on minting and redemption can also limit arbitrage. The chart is not a mint or redemption quote.