Swap USDP at the Best Rate
USDP is the stablecoin of Unit Protocol, an Ethereum lending system that lets users lock crypto collateral and mint dollar-pegged tokens against it. It is a different asset from Pax Dollar, the regulated stablecoin that shares the USDP ticker. Unit Protocol deployed the token in late 2020, and public development of the protocol has been quiet since 2023, which matters for anyone relying on the peg.
Stats
- Fully diluted valuation (FDV)
- $106.4M
- Total supply
- 106.4M USDP
- Volume (24h)
- $7.51
- Swaps (24h)
- —
Data updated 2026-08-18
About USDP
USDP is a token traded on Ethereum. On 1inch, the swap aggregator compares supported routes across DEX liquidity to help improve a crypto swap involving USDP, while you keep full control of your funds in your own wallet.
USDP ranks #102 by 24-hour trading volume among the tokens tracked on 1inch, with $7.51 traded over the last day. Ethereum is the only network where the 1inch token catalog lists USDP.
USDP at a glance
- Launched
- Late 2020
- Issuer
- None; minted by borrowers against vault collateral
- Token standard
- ERC-20 on Ethereum
- Supply
- Uncapped; equals the outstanding vault debt
- Governance
- DUCK and veDUCK tokens; little visible activity since 2023
- Primary utility
- Borrowing dollar liquidity against crypto collateral
What is USDP?
USDP here names the Unit Protocol stablecoin at 0x1456688345527be1f37e9e627da0837d6f08c925, minted by borrowers rather than issued by a company. Paxos uses the same USDP ticker for its regulated Pax Dollar at a different address, and the two work nothing alike: Unit's token is backed by crypto collateral in permissionless vaults, with no redemption desk behind it.
Unit Protocol positioned itself as an unusually flexible collateral system, accepting more than 160 assets, including liquidity provider tokens, as backing for USDP loans.
How USDP works
A user deposits collateral into a vault and mints USDP against it up to a collateralization limit, paying a stability fee on the debt. Chainlink oracles price the collateral, and once debt crosses the liquidation ratio anyone can trigger liquidation, which auctions the collateral at a linearly falling price until a buyer repays the USDP debt.
Repaying a loan burns the USDP and releases the collateral, so the supply expands and contracts with borrowing. The peg relies on overcollateralization and arbitrage rather than redemption: nobody exchanges Unit's USDP for bank dollars.
USDP supply and tokenomics
There is no cap and no schedule; outstanding USDP equals outstanding debt. Fees historically flowed toward the governance side of the system, where the DUCK token and its vote-escrowed form veDUCK sit, though the fee distribution contract is marked deprecated in the project's own repository.
Who builds USDP
The developers never maintained a prominent public team identity. The project's governance token migrated from COL to DUCK in December 2020, its main repositories on GitHub last received commits in December 2023, and its original domain stopped resolving, though an ecosystem site remains online. CoinDesk's profile of the project describes it as no longer actively maintained.
USDP risks and considerations
An unmaintained stablecoin system carries risks a live one does not. Liquidations depend on bots and oracle feeds that need upkeep, exchange listings have thinned, and the documentation has gone stale. The peg can drift for long stretches because nothing pulls it back except arbitrage against uncertain liquidity.
The ticker collision is its own hazard: explorers and exchanges also list Pax Dollar under USDP, and the two tokens have different addresses, backing and risk profiles. Verify 0x1456688345527be1f37e9e627da0837d6f08c925 before trading the Unit Protocol asset.
Official USDP links
Trade professionally
Take USDP trading further with limit orders, live charts and route control in the 1inch Terminal — the pro trading surface of the 1inch dApp. You keep self-custody of your funds while getting deeper execution context for every trade.
Open TerminalQuestions? Answers.
Is this USDP the same as Pax Dollar?
No. Pax Dollar is a regulated stablecoin issued by Paxos and redeemable with the issuer, living at a different Ethereum address. Unit Protocol's USDP is minted by borrowers against crypto collateral and has no issuer at all, so the two tokens carry entirely different risks despite the shared ticker.
How does Unit Protocol's USDP stay near a dollar?
Through overcollateralization and liquidations rather than redemption. Every token is borrowed into existence against collateral worth more than the debt, and underwater positions are auctioned off. When the market price strays from a dollar, only arbitrage against that collateral machinery pulls it back, which works less reliably when liquidity is thin.
Is Unit Protocol still maintained?
The public signals say barely. Its GitHub repositories last saw commits in December 2023, the original unit.xyz domain no longer resolves, and CoinDesk's project profile calls it inactive. The contracts themselves keep running on Ethereum, since deployed code does not switch off, but nobody appears to be shipping updates.
What is USDP used for?
USDP is used for trading, portfolio rotation, or ecosystem exposure in DeFi. It ranks #102 by 24-hour trading volume among the tokens tracked on 1inch. The role of the token can vary by network, liquidity conditions, and the route you choose, so it helps to review the quote before you confirm a swap.
Which networks support USDP on 1inch?
USDP is available on supported networks where liquidity exists and the route can be quoted in the 1inch dApp. Support can differ by chain and current liquidity conditions, so check the token selector and live quote in the Swap flow before you trade.
How does 1inch find the best USDP rate?
1inch compares supported routes and optimizes execution across available liquidity sources on Ethereum, splitting your order across pools when that improves the USDP price.
How do I protect my USDP trades from MEV?
1inch adds MEV protection in supported intent-based flows to reduce exposure to front-running and sandwich attacks, which matters most on volatile or thin USDP routes.
Sources
- Unit Protocol core repository and contract registry
- Etherscan: Unit Protocol USDP token
- Unit Protocol docs: liquidations
- The Defiant: what is Unit Protocol
- CoinDesk: Unit Protocol project profile
Content reviewed July 25, 2026