How Did Dollar Come Into Existence And How It Impacted?

• The ticker symbol of Origin stablecoin is OUSD, it is backed in a 1:1 ratio to stablecoin.
• A small amount of exit fee is charged from the users, it is 0.25% of the redeeming OUSD.

The dollar was created by a team at Origin Protocol that included prominent entrepreneurs, early cryptocurrency investors, employees of YouTube, Google, or Dropbox, and one of the co-founders of PayPal, Yu Pan.

 It is a collateral-backed stablecoin by Origin Dollar. It is based on the Ethereum blockchain and is fully transparent. The ticker symbol of Origin stablecoin is OUSD, it is backed in a 1:1 ratio to stablecoin. OUSD can be redeemed at any time.

They are 100 percent collateralised stablecoins. These coins are backed by Dai (DAI), Tether (USDT), and USD Coin (USDC). The amount of OUSD invested in DAI, USDT, and USDC stablecoins is 0.73%, 90.19%, and 9.06% respectively. 

About OGV

At the time of writing, the total value of OUSD is over $21 Million. To participate in OUSD governance, users have to stake OGV on the platform. OGV holders have the right to vote in the platform’s decision-making process.

The current price of the OGV token is $0.0082 and its circulating supply in the market is around 600 million. People can buy OGV from various exchanges, as it is listed on top exchanges like Curve Finance, Uniswap, Huobi, and KuCoin.    

Unique Function of the Dollar Platform

Origin Dollar allows OUSD holders to earn a yield on their investment. The OUSD smart contract allocates the fund to the diversified yield-earning strategy and timely revamps it to maximize yield. 

It automatically updates the earnings in the wallet and shows the compounded figure to users. It continuously performs this task until holders hold OUSD. No staking or locking of funds is required.

How Yield is Cultivated on Origin Dollar

OUSD is backed in a 1:1 ratio to USDT, DAI, and USDC. This means that 1 OUSD will be close to 1 USD. 

Buying of OTokens

Users can upgrade their stablecoin to OUSD using their app (app.ousd.com). Immediately after upgrading it, users will start accruing yield, which will get compounded automatically.

Selling of OTokens

Users can redeem OUSD tokens for any collateralised stable coin at any time. A small amount of exit fee is charged from the users, it is 0.25% of the redeeming OUSD. 

This fee is distributed among the remaining participants in the vault. This exit fee acts as a reward to long-term OUSD holders over short-term speculators. At the time of redemption, the vault determines, in what proportion and with which coins the redemption is to be done. 

The vault redeems the coins in the ratio in which the particular holder holds them at that particular time. 

Conclusion

Origin Dollar, being a crypto-backed stablecoin, provides stability to users to keep them within the market without exposing them to the volatility of the market. It has been backed by three different stablecoins: DAI, Tether (USDT), and USD coin (USDC). Its native token is OGV, which helps users participate in OUSD governance.