✅ [RFC] Origin acquisition of mStable


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.


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.


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.


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.

Many thanks for posting this RFC, and happy to see the interest in pursuing a way forward with mStable.

The community of Meta Governors and core contributors will be reviewing this RFC in the coming days, and get back with questions and feedback.

It is imperative that this RFC be turned into a MIP (including a submitted GitHub PR) by the deadline, which is the 17th of March, 23:59:59 UTC. Any submission after this date will not be considered, and the draft proposal be removed as a voting option from MIP 30.

You can find more information surrounding the submission process here and here.

Thank you very much for understanding, and wishing you guys the best of luck in the coming days spearheading the proposal amongst all stakeholders! :sunglasses:

Hey Origin team,

I’m excited about this proposal. I’ve been following the latest progress of OUSD and loved what you guys did with the AMO. I agree that there are a lot of synergies between the two protocols and I hope we can agree on the proposal.

Some questions that will help picture the future of the protocol:

  • Taking a very quick look at $OGV token, I see you guys are facing a lot of the same issues that we faced, and that has led to where we are right now: a low market cap token, without a lot of liquidity on chain. A lot of DeFi protocols are facing this, we are deep into the bear market and projects that survive it with new products will strive in the next cycle. But what are your plans to improving the tokenomics?
  • I have gone through the addresses published in your docs and this is the only multisig I’ve found with some cash holdings. Is there another multisig that I’m missing? What’s the current runway on these holdings? What’s the monthly income?

Excited to see a more detailed proposal in the MIP!

Hey Josh, thank you for posting the RFC and starting the conversation about a possible acquisition.

Personally, I would be most persuaded by seeing the current team that has been building Meta Vaults continue to work on the vision and see a continuation of the products in some capacity.

A few remarks on my side:

  • Changing the strategy of mUSD is possible, we have integration contracts for Aave and Compound and such can be also done for OUSD. Important that the risk profile remains the same and that the mechanisms work well together (mUSD being an AMM, while Integration Contracts are there to simply deposit).
  • Risks that come with upgrading contracts and other potential negative consequences need to be weighed against the benefits.

What I like:

  • exchange rate that will be primarily based on the value of mStable’s treasury.
  • Origin Team seems to be very professional, I already had conversation with some of the Origin Team members and have a very positive impression.
  • Very similar Products and similar learnings from their existence.


  • I would be curious to go into more detail about the Team transition. While I understand that this is yet very early to comment on, I would love to see that this is a net positive for the Team as well (That don’t have much in MTA terms to gain).

I see some clear synergies combining our two efforts, while reducing overlap in our products. OUSD is very similar to mUSD and tries to be the risk minimized safe stable that offers a return at the same time. Our new Meta Vaults could become the backbone of yield strategies for OUSD, while also offering yield strategies that are different in risk profile to a more risk tolerant user base.

Thank you and please let me know if there’s anything I can do to support.

Hey @joshfraser,

Thanks so much for putting in this proposal.

I want to state that I have been involved in many meetings with the Origin team, and I was impressed by their professionalism.
We are very similar in engineering and product practices and culture, so onboarding team members would be an easy process.

I would love to see more details on this proposal so the community can better evaluate the options.

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