What is OpenEden Compounding OpenDollar (CUSDO)?

Quick Facts

  • Issuer: OpenEden Digital, licensed by the Bermuda Monetary Authority
  • Token type: Compounding, non-rebasing stablecoin
  • Backing: Tokenized U.S. Treasury bills and reverse repurchase agreements
  • Blockchain: Ethereum (and Base)
  • Parent project: OpenEden Group, founded in 2022
  • Underlying asset: USDO (OpenDollar), launched in 2025
  • DeFi integrations: Morpho, Euler, Pendle, Spectra, Napier, and more

Introduction

OpenEden Compounding OpenDollar, or cUSDO, is the composable, non-rebasing form of OpenEden's OpenDollar (USDO). While USDO distributes yield by increasing the number of tokens in a holder's wallet each day, cUSDO accrues yield differently — its price rises over time, making it compatible with DeFi protocols that do not support rebasing tokens.

CUSDO is issued by OpenEden Digital (OED), a regulated digital asset issuer operating under a license from the Bermuda Monetary Authority (BMA).

History & Background

OpenEden Group was founded in 2022 with a mission to bridge traditional finance and decentralized finance through real-world asset (RWA) tokenization. The team first built the OpenEden TBILL Vault — a smart contract giving on-chain access to tokenized U.S. Treasury Bills — before launching USDO in early 2025.

CUSDO emerged alongside USDO as a DeFi-native companion token, allowing the yield-bearing stablecoin to integrate seamlessly across a broader set of protocols. Within two months of its launch, the USDO ecosystem surpassed $100 million in Total Value Locked.

How OpenEden Compounding OpenDollar Works

USDO is a rebasing token pegged to $1. When yield accrues from the reserve assets, USDO holders see their wallet balance increase daily. cUSDO wraps USDO into a non-rebasing format: instead of increasing in quantity, cUSDO's price itself rises to reflect accumulated yield.

The underlying reserves are held in OpenEden's TBILL Vault, a smart contract backed by tokenized U.S. Treasury Bills — the first tokenized Treasury product to receive a Moody's investment-grade rating. Real-time, on-chain proof of reserves is available at all times.

Users can convert freely between USDO and cUSDO via a publicly available smart contract.

Tokenomics

cUSDO does not have a fixed supply cap — new tokens are minted when eligible users deposit USDC or TBILL tokens on the OpenEden platform. Primary minting is available to KYC-verified users at a 1:1 rate. cUSDO can also be acquired on secondary markets such as decentralized exchanges.

Yield is generated entirely from real-world reserve assets, not from token inflation. This real-yield model means returns are sustainable and tied directly to U.S. Treasury rates.

Circulating supply ? 60.83 million CUSDO
Total supply ? 60.83 million CUSDO
Max supply ? -- CUSDO
Updated 5mo ago

Ecosystem & Use Cases

cUSDO's non-rebasing design makes it the preferred format for DeFi composability. It is integrated with protocols including Morpho, Euler, Spectra, Pendle, Napier, and Upshift, enabling use cases such as lending, liquidity provision, yield trading, and structured finance strategies.

Holders can use cUSDO as collateral, a trading pair, or a passive yield instrument — all while remaining exposed to the stability of the U.S. dollar.

Team, Governance & Community

OpenEden Group is led by Jeremy Ng, Founder and CEO. The project operates through regulated entities in Bermuda and the British Virgin Islands (BVI), emphasizing a 'compliance-first' philosophy across all products.

The community is active on Telegram and X (formerly Twitter) under the handle @OpenEden_X. Governance decisions are currently centralized within the OpenEden organization, consistent with its regulated-issuer model.

Advantages

  • Regulated issuer: OED holds a BMA license under Bermuda's Digital Asset Business Act, providing a bankruptcy-remote structure
  • Real-world yield: Returns come from U.S. Treasury bills, not token inflation
  • DeFi composable: Non-rebasing design enables broad DeFi integration
  • On-chain transparency: Real-time proof of reserves via the TBILL Vault smart contract
  • Moody's-rated reserves: The underlying TBILL tokens carry an investment-grade rating

Risks & Challenges

  • Regulatory risk: Changes to digital asset regulations in Bermuda or other jurisdictions could affect operations
  • Reserve risk: Although backed by U.S. Treasuries, extreme market conditions or smart contract vulnerabilities could pose a threat
  • KYC restrictions: Primary minting requires identity verification, limiting permissionless access
  • Interest rate sensitivity: Yield is tied to U.S. Treasury rates, which can fluctuate
  • Centralization: The issuer model means key decisions rest with OpenEden Digital rather than a decentralized community

Long-Term Vision

OpenEden aims to position cUSDO and USDO as foundational infrastructure for the regulated stablecoin era — combining the yield of traditional fixed income with the transparency and composability of DeFi. As the tokenized RWA market matures, OpenEden plans to deepen integrations across DeFi protocols and expand access to both institutional and retail participants globally.

Frequently Asked Questions

USDO is a rebasing token that maintains a $1 price and distributes yield by increasing the token balance in your wallet daily. cUSDO is the non-rebasing version that accrues yield by appreciating in price over time, making it compatible with DeFi protocols that do not support rebasing tokens.

cUSDO is backed by high-quality liquid reserves, primarily tokenized U.S. Treasury bills and reverse repurchase agreements, held inside OpenEden's TBILL Vault smart contract. The TBILL tokens have received a Moody's investment-grade rating.

cUSDO is issued by OpenEden Digital (OED), a wholly owned subsidiary of OpenEden Group. OED is licensed by the Bermuda Monetary Authority under Bermuda's Digital Asset Business Act.

cUSDO can be obtained by minting on the OpenEden platform after completing KYC verification, or by purchasing it on secondary markets such as decentralized exchanges including Curve and Aerodrome. Primary minting is always done at a 1:1 rate with USDC.

cUSDO is integrated with several DeFi protocols including Morpho, Euler, Spectra, Pendle, Napier, and Upshift, allowing users to lend, provide liquidity, and trade yield positions.

USDO and cUSDO are built on Ethereum and also deployed on Base, an Ethereum Layer-2 network, enabling broader access and lower transaction costs.

Yield comes entirely from the returns on U.S. Treasury bills held in reserve — this is a real-yield model, not driven by token inflation. The rate moves in line with prevailing U.S. Treasury interest rates.

OpenEden Group is a real-world asset tokenization firm founded in 2022, led by CEO Jeremy Ng. It bridges traditional and decentralized finance through regulated, on-chain access to tokenized financial instruments.