Summary
We propose that Origin Protocol acquires mStable assets and key team members. We hold the mStable team in high regard and recognize their significant contributions to the DeFi space. The mStable team have established themselves as respected professionals in the space, known for their expertise and innovative spirit. Their passion for DeFi aligns with our vision for creating the best possible products for our users, and we believe that we’ll be able to accomplish even greater things by joining forces.
Throughout our discussions with the mStable team, we have been impressed by their professionalism and shared values. The cultures between our two organizations are surprisingly similar. We are excited about the potential to work together to bring decentralized yield-products to the world.
Deal terms
MTA holders will be able to swap their tokens for governance tokens from Origin. The exact exchange rate will be determined later, but will be primarily based on the value of mStable’s treasury.
Integration
We will be continuing conversations with the mStable team to evaluate the best way to gracefully transition mStable’s products. While there are a lot of details to flesh out, we are aligned that any changes to the protocol should be communicated well in advance and the goal is for mStable’s token holders to end up better off, not worse, as a result of this deal.
The current plan is to update the backing strategies of mUSD to use OUSD instead. We will be continuing to investigate the feasibility of this plan and welcome feedback and ideas from the community.
We have already started conducting interviews with the team and are scheduling additional meetings and follow-up conversations with the mStable team. We will be evaluating each team member’s skills and fit with our culture and values before extending individual offers.
We will be sharing Origin’s product roadmap with the mStable team and look forward to collaborating on how mStable’s products and learnings could help accelerate our plans. If the decision is made to sunset any of the products, we’re committed to giving users plenty of time to withdraw their funds and wind them down in an orderly fashion.
Motivation
The mStable team has demonstrated a strong understanding of the OUSD product given the similarity between our two products. This understanding creates a high potential for the team to make immediate contributions to our own team. Moreover, the Meta Vault technology that mStable employs has the potential to enhance OUSD’s yield strategies and integrations.
About Origin
Origin Dollar (OUSD) is the first stablecoin that generates yield right in your wallet. Its price remains pegged at $1, and holders automatically receive additional units of OUSD as yield is generated by the protocol. OUSD is fully collateralized and can be redeemed at any time for USDC, USDT, or DAI. Its circulating supply reached a peak of over $300M. OUSD can be found listed on top exchanges such as KuCoin, Gate, Uniswap, and Curve.
In addition to OUSD, Origin Dollar has a governance token named OGV. This token is listed on several exchanges, including Curve, Uniswap, Huobi, Kucoin, and Gate. Previous investors in Origin Dollar include Pantera Capital, Foundation Capital, 1kx, Kenetic Capital, Spartan Group, Blocktower Capital, FBG, and QCP Capital.
Conclusion
97.54% of participating OGV holders voted in favor of us exploring this acquisition. We recognize that our success is tied to our ability to work quickly and collaboratively. We believe that this acquisition has the potential to create significant value for both of our communities, and we look forward to continuing the discussion with you.
