USDA is a decentralized, over-collateralized, and yield-bearing stablecoin pegged to the U.S. Dollar. Developed by Angle, it is designed to maintain a 1:1 parity with the USD while providing a native yield to its holders derived from the protocol's reserve assets. ^{[1] [2]}

Overview

USDA was created to function as a stable, transparent, and capital-efficient on-chain representation of the U.S. Dollar. The stablecoin is a core component of the Angle ecosystem, which aims to build robust infrastructure for decentralized finance (DeFi). A key feature of USDA is its ability to generate a native yield for its holders. This yield is sourced from the returns generated by the portfolio of assets that back the stablecoin, combining earnings from both DeFi and traditional finance (TradFi) sources. ^{[1] [2]}

The stablecoin was also designed to work in synergy with Angle's other products, most notably its Euro-pegged stablecoin, EURA. By offering both a reliable on-chain dollar and euro, the protocol seeks to create highly liquid and efficient on-chain foreign exchange (forex) markets. This allows users to swap between the two currencies with minimal friction. The project positions itself as a foundational element for various DeFi applications, including trading, lending, borrowing, and payments, by providing a stable unit of account with an embedded savings rate. ^[3]

Use Cases

• Stable Store of Value: Users can hold USDA to avoid the price volatility associated with other cryptocurrencies.
• Earning Yield: The native savings feature allows holders to earn a passive return on their stablecoin holdings.
• On-Chain Foreign Exchange: USDA can be swapped efficiently with Angle's EURA stablecoin, facilitating on-chain forex trading.
• Payments and Transfers: Its stable value makes it suitable for paying contributors, settling transactions, and sending money internationally with low fees.
• DeFi Integration: As a composable ERC-20 token, USDA can be integrated permissionlessly into other DeFi protocols for lending, borrowing, and liquidity provision. ^[1]

Ecosystem

• Primary Network: USDA was initially launched on the Ethereum blockchain, with the official contract address 0x0000206329b97DB379d5E1Bf586BbDB969C63274.
• Other Networks: The stablecoin is supported on over 13 chains, including Layer 2 solutions like Base and Optimism, as well as other Layer 1 blockchains such as BNB Smart Chain and Cardano. This multi-chain strategy allows users to interact with USDA in different DeFi ecosystems while taking advantage of lower transaction fees. ^{[2] [1]}

Trading and Liquidity

• Uniswap: The most active market for USDA is on Uniswap v3 on the Ethereum network, particularly the USDA/EURA trading pair, which accounts for a significant portion of its daily volume.
• Other DEXs: The stablecoin is also traded on other prominent DEXs, including Aerodrome Finance on Base (USDA/USDC pair) and Velodrome Finance v2 on Optimism (USDA/USDC pair). It is also listed on PancakeSwap (BSC) and Minswap (Cardano).
• Centralized Exchanges: USDA is listed on the centralized exchange IndoEx, though its volume on CEXs is generally lower than on DEXs. ^[2]

Tokenomics

The tokenomics of USDA are designed to reflect its function as a stablecoin, with its supply expanding and contracting based on user demand for minting and redemption. The total and circulating supply of USDA is dynamic. As of late 2025, the total supply was reported to be approximately 30,031,636 USDA, with a corresponding market capitalization of around $30.05 million. The entire supply is considered to be in circulation. ^[2]

Governance

The governance and security of the Angle Protocol are managed through a combination of on-chain mechanisms, specialized committees, and external audits.

• Security Audits: The smart contracts for the Angle Protocol, including those governing USDA, are described as having undergone multiple security audits to identify and mitigate potential vulnerabilities.
• Asset Liability Management Committee: A key component of the protocol's risk management framework is the Asset Liability Management Committee. This body, stated to be led by experts in reserve management, is responsible for overseeing the composition of the protocol's reserves, assessing risks, and setting investment strategies for the collateral backing USDA. This governance structure blends elements of traditional financial risk management with decentralized operations.
• Development Team: The protocol is developed and maintained by Angle Labs Inc., the core entity responsible for its ongoing research and development. ^[1]