Borrowing $USC
$USC is an overcollateralized stablecoin. This means you need to deposit more collateral in order to borrow it. For steps on how to borrow $USC, please click here.
To get started:
Users will need to open up a shuttle in order to borrow $USC.
A minimum debt of $USC 100 must be maintained in this shuttle in order for it to remain active.
Users deposit accepted collateral in order to borrow (mint) $USC
The maximum allowable amount is determined by the minimum collateral ratio (USD value of collateral / USD value of debt).
A borrowing fee and a liquidation reserve will also be added to the user’s debt position.
Borrowing fee: a variable fee that is charged every time new $USC is minted
Liquidation reserve: a $USC 20 reserve is added to a user’s debt position, which is set aside as gas compensation for liquidators should the shuttle be liquidated. This deposit is “refundable” (i.e. burnt) if the shuttle does not get liquidated while active
A shuttle’s collateral ratio is continuously updated relative to the asset prices as reflected by our oracle, and is calculated as follows:
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