Origin Dollar (OUSD) Project Update

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Biggest Stories of 2025

• OUSD Collateral Simplification completed: A governance proposal to simplify OUSD's backing from a basket of USDT, USDS, and USDC to being backed solely by USDC passed with 83.89% of votes in favor, removing the USDT and USDS strategies (including the Morpho Gauntlet strategy for USDT and the Sky Saving Rate strategy for USDS) and setting the stage for new USDC-based strategies expected to generate higher yield. (November 9, 2025)
• November 2025 Token Holder Update: Origin reported that OUSD is now fully backed by USDC, alongside a major staking upgrade for OETH supported by three independent audits, continued OGN buybacks (over 8.4 million OGN purchased in November, totaling 47.7 million since inception, or 7.37% of supply), and protocol revenue of $710,000 with approximately $150,000 allocated to OGN stakers; OUSD's total value locked stood at $6.3 million. (December 1, 2025)
• OUSD Collateral Simplification proposed: A Snapshot vote began on a proposal to adjust OUSD's collateral composition from a basket of USDT, USDS, and USDC to being backed solely by USDC, with the Guardian (a 2/8 multisig, meaning a wallet requiring 2 of 8 signatures to execute transactions) responsible for swapping all USDT and USDS in the Vault to USDC and reallocating the converted assets to existing or new strategies prior to the on-chain execution. (November 5, 2025)
• Origin Token Holder Update: October 2025: Origin repurchased over 9.5 million OGN (totaling 40.6 million OGN bought back, representing 6.2% of circulating supply), generated $1 million in protocol revenue with $200,000 allocated to stakers, expanded the Automated Redemption Manager (ARM) through integrations with YO, MEV Capital, and Summer.fi, and formed a partnership with the Lido Ecosystem Foundation. (November 3, 2025)
• NUGP governance expansion approved: The Origin Protocol community approved expanding its University Governance Program (UGP) into the Non-University Governance Program (NUGP), delegating predetermined amounts of xOGN (80,000 to 220,000) to DAOs, crypto projects, clubs, and other non-university organizations for up to one year in exchange for governance participation. (August 14, 2025)
• Avantgarde USDC Core Morpho Vault onboarded as an OUSD strategy: The Origin Protocol DAO approved onboarding the Avantgarde USDC Core Morpho Vault as a new OUSD strategy to increase yield and broaden collateral exposure, initially capping the vault's USDC allocation to 25–50% of the amount deployable on Morpho, with the vault reporting a 9.37% net APY after performance fees. (August 6, 2025)
• OpenCover support added: OpenCover added protocol cover support for Origin's OUSD and depeg cover support for Origin's Super OETH, providing protection against smart contract failure and loss of the stablecoin's dollar peg, respectively. (April 10, 2025)
• DAI conversion to USDS completed: The Origin team announced that the DAI partially backing OUSD had been fully converted to USDS and deposited into the Sky Savings Rate, a yield-bearing mechanism within the Sky (formerly MakerDAO) ecosystem. (April 10, 2025)
• Pool Booster introduced: Origin Protocol introduced Pool Booster, a feature allowing protocols to boost liquidity provider (LP) yields by leveraging Yield Forwarding, directing yield from OETH, Super OETH, OS, and OUSD as LP incentives rather than using token emissions; the OUSD/USDT pool on Curve was among the supported pools. (February 13, 2025)
• OUSD/USDT Curve Pool yield delegation passed: A proposal to delegate yield from the OUSD/USDT Curve Pool to the Curve Pool Booster passed with 100% of votes in favor. (February 6, 2025)
• OUSD Aave strategy removal rejected: A proposal to remove the OUSD Aave strategy failed to meet threshold requirements. (February 21, 2025)
• OUSD AMO strategy removed: A proposal to remove the OUSD AMO (Automated Market Operations) strategy passed with 100% of votes in favor. (January 30, 2025)
• OUSD token contract upgraded: A proposal to upgrade the OUSD token contract passed with 100% of votes in favor. (January 30, 2025)
• Origin Sonic (OS) launched: Origin Protocol announced that Origin Sonic, a Sonic (S)-pegged liquid staking token (LST) on the Sonic blockchain, was live, supporting Yield Forwarding and offering the same benefits as OETH and OUSD, with protocol revenue directed to the OGN DAO. (January 23, 2025)