The true test of a stablecoin often reveals itself during the moment of decoupling.

Recently, an innovative project that has attracted much attention in the crypto market is building a stablecoin USR based on the delta-neutral principle, while providing users with low-risk cryptocurrency investment channels. This project effectively absorbs risks from centralized/decentralized exchanges and fluctuations in financing rates through a unique liquidity pool design, ensuring that the USR stablecoin remains stable in extreme market conditions.

The revenue model of this project mainly relies on the financing rates of perpetual futures contracts. From historical data, these rates mostly remain positive, providing a relatively stable source of income for the project. Its collateral pool generates income by staking Ethereum and implementing hedging strategies, creating stable returns for stUSR holders on a daily basis.

The core operating mechanism revolves around delta-neutral strategies, effectively eliminating systemic risks brought about by cryptocurrency price fluctuations through precise management of collateral assets (mainly ETH and BTC) and corresponding short futures positions.

The user participation process is relatively simple: after depositing ETH or BTC, they can receive USR stablecoins at a 1:1 ratio. The system will automatically open corresponding short futures positions to hedge the price risk of the original assets. Profits mainly come from two sources: first, returns generated by staking the original assets through third-party platforms (such as Lido or Binance), and second, income obtained from the futures financing interest rates.

In terms of profit distribution, 70% of the revenue will be allocated to USR and liquidity pool stakers, while 30% will be distributed as a "risk premium" to liquidity pool holders. It is worth noting that the project has not currently set a percentage for the funds flowing to the treasury.

The project has attracted over 50,000 users, with a total locked value of 360.8 million US dollars, generating more than 10 million US dollars in earnings for users.

Essentially, this stablecoin model that combines delta-neutral strategies may represent a new direction for crypto financial products, providing users with options that are both stable and profitable. However, any financial innovation comes with specific risks, and investors should still assess them with caution.