Summary
This proposal seeks to list cUSDO, a non-rebasing, yield-bearing stablecoin issued by OpenEden, as a new market on Moonwell Base. cUSDO is a wrapped version of USDO — a stablecoin backed 1:1 by U.S. Treasury Bills — and allows users to earn real-world yield while participating in DeFi lending, borrowing, and collateralization within the Moonwell ecosystem.
Motivation
Integrating cUSDO brings several benefits to Moonwell:
- Capital Efficiency – Supply cUSDO, earn passive yield, and use it as collateral simultaneously.
- Real-World Yield – Backed by U.S. T-Bills through OpenEden’s USDO vault.
- Non-Rebasing = DeFi Ready – cUSDO maintains ERC-20 compatibility, avoiding issues of rebasing tokens.
- Institutional-Grade Structure – Transparent, regulated custodianship, real-time reserve attestation.
This listing would further Moonwell’s mission to bridge DeFi and real-world assets (RWAs).
Asset Overview
| Item | Description |
|---|---|
| Token Name | cUSDO (Compounding Open Dollar) |
| Type | ERC-20, yield-bearing, non-rebasing |
| Network | Base |
| Token Address | 0x83dB73EF5192de4b6a4c92bD0141Ba1a0Dc87c65 |
| Contract Code | Verified Source on BaseScan |
| Issuer | OpenEden |
| Underlying Asset | USDO (rebasing stablecoin backed by T-Bills) |
| Documentation | OpenEden Docs |
| Audit | ChainSecurity (No critical issues) – Audit Report |
| Oracle Status | Chainlink |
Market Risk Assessment
-
Swap Size & Liquidity
A $500K swap on Base and Ethereum DEXs (e.g., Aerodrome, Curve) results in <25% price impact.
-
TVL Requirements
Combined TVL of USDO and cUSDO > $40M across Base and other chains.
-
Security & Audit
- Fully verified contract
- Standard role-based access controls for mint/burn
- Third-party audit by ChainSecurity (no critical vulnerabilities)
- Transparent reserves and regulated custodians
- Market Caps
- on BASE: 3.5M
- on ETHEREUM: 214M
- Total Transactions
- on BASE: 65K transfers & 15K direct txs & 9K holders
- on ETHEREUM: 60K transfers & 9K direct txs & 2K holders
- Age of Token
- on BASE: 131 days
- on ETHEREUM: 237 days
Smart Contract Review
Contract: cUSDO
-
Proxy Architecture:
The cUSDO contract is deployed as anERC1967Proxy. -
Base Contracts:
The logic implementation inherits from OpenZeppelin’s battle-tested upgradeable libraries:ERC4626Upgradeable– Vault standardAccessControlUpgradeable– Role-based permissionsPausableUpgradeable– Circuit breaker functionalityIERC20PermitUpgradeable,EIP712Upgradeable– Meta-transactions support
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Permission Structure:
Role-based access is enforced usingAccessControl. Critical roles include:DEFAULT_ADMIN_ROLEUPGRADER_ROLEPAUSER_ROLE
All minting/burning and upgrades are gated by these roles.
-
Security Observations:
- ChainSecurity audit (Feb 2024) identified no critical issues.
- No proxy self-destruct, delegatecall hazards, or unsafe upgrade paths were found.
- The proxy implementation was verified on BaseScan and follows standard OpenZeppelin conventions.
-
Blacklist Functionality: No.
-
Is the token pausable? Yes.
-
Does the project have an active bug bounty program? No.
Top 10 holders on Base
click here for latest changes!
| Rank | Address | Name Tag | Quantity | % Supply | Value (USD) |
|---|---|---|---|---|---|
| 1 | 0x1155...a28 |
PT-cUSDO | 2,029,779.43 | 58.56% | $2,068,345.24 |
| 2 | 0x5fed...023 |
Aerodrome-LP | 806,591.92 | 23.27% | $821,917.16 |
| 3 | 0x5e3a...ba0 |
Curve-LP | 373,079.07 | 10.76% | $380,167.57 |
| 4 | 0xbbbb...fcb |
Morpho: Morpho | 144,642.12 | 4.17% | $147,390.32 |
| 5 | 0xe79c...262 |
14,816.28 | 0.43% | $15,097.79 | |
| 6 | 0xf875...142 |
8,912.84 | 0.26% | $9,082.18 | |
| 7 | 0x39c3...959 |
8,338.93 | 0.24% | $8,497.37 | |
| 8 | 0x77b5...78c |
7,583.06 | 0.22% | $7,727.13 | |
| 9 | 0x5d47...068 |
pandario.base.eth | 4,937.63 | 0.14% | $5,031.44 |
| 10 | 0x3399...d9f |
4,751.73 | 0.14% | $4,842.01 |
Why List cUSDO Instead of USDO
| Feature | USDO | cUSDO |
|---|---|---|
| Token Type | Rebasing | Non-rebasing |
| DeFi Compatibility | Limited | Full (ERC-20 standard) |
| Interest Handling | Balance increases via rebasing | Value increases via internal exchange rate |
| Use as Collateral | Problematic | Seamless |
| Price Oracle | Less practical | Available via Chainlink |
Reserve Attestation Transparency
OpenEden’s USDO vaults are backed 1:1 by U.S. Treasury Bills. Reserve holdings are verified via a live Chainlink Proof-of-Reserves (PoR) oracle, ensuring transparency and onchain trust in the asset’s collateralization.
Risk Considerations
To ensure safe integration, the following risks should be reviewed:
- RWA Exposure – USDO is backed by U.S. T-Bills. Low volatility but subject to regulatory or market shifts.
- Centralization – While the token is issued by a regulated entity (OpenEden Digital Limited), it remains a centralized asset in terms of custody and minting permissions. However, it uses independent custodians (e.g., Zodia Custody) and a bankruptcy-remote trust structure to mitigate this.
- Oracle Risk - Chainlink’s native cUSDO/USD price feed is live and operational on Base, ensuring a decentralized and reliable price source. It uses a time-weighted average price (TWAP) model to reduce volatility or manipulation.
- And Of Course Smart Contracts Risk!
OpenEden Team Overview
OpenEden was founded in 2022 by a team of seasoned professionals with extensive experience in both traditional finance and the digital asset industry.
The team collectively brings experience from top-tier institutions such as Goldman Sachs, Morgan Stanley, Deutsche Bank, Barclays, BlockFi, Bybit, Binance, SEA, and Accenture.
- twitter(X) : profile with 55K followers
- linkedin : profile with 19 employees
- discord: profile with 2.8K members
- telegram : channel with 2K subscribers
Service Providers of OpenEden
| Category | Service Provider |
|---|---|
| Digital Asset Issuer | OpenEden Digital Limited |
| Digital Asset Custody | Bitgo Custody / Coinbase MPC Web3 Wallet |
| Smart Contract Auditor | ChainSecurity |
| Financial Auditor | Harris And Trotter |
| Onramp | Coinbase Prime |
| Compliance Analytics | Elliptic |
| Offshore Representation | Carey Olsen |
| Third-party Signing | Protege Fund Services |
Technical Implementation Plan
- @Gauntlet Risk Assessment – Set CAPS , CF , and IR model.
- Snapshot proposal – Community approval on Snapshot will be required before proceeding to mainnet launch.
- Mainnet Launch – Deploy with active monitoring and community feedback.
- MIP-based deployment using Moonwell Contracts V2 guide
Proposal Author Information
Name: AsgardAdmin
X: Azgardinvest
Github: AzgardMultiSig (AzgardAdmin) · GitHub
Delegate Address: 0xC4c1e942c6B97EE736d15E6edE71dBc323200c3d
Relationship with Token: I have no personal or professional relationship with openeden team.
Conclusion
cUSDO is a strong candidate to expand Moonwell’s Base markets with a secure, transparent, and yield-generating RWA-backed asset. The combination of Chainlink oracles, proof of reserves, and OpenZeppelin-based upgradeable contracts offers both transparency and safety.
We look forward to the community’s feedback and collaboration to move this proposal forward.