bUSD Technical Spec
What is bUSD
bUSD is Bound's native stablecoin on Bitcoin - a Runes-based token backed 1:1 by other stablecoins. It serves as the settlement layer for all Bound structured products: loans, options, and escrow all settle in bUSD.
Role in the stack
Loans - borrowed funds are denominated in bUSD
Options - collateral and settlement use bUSD
Escrow - all structured product settlement goes through bUSD
Integration - other Bitcoin-native protocols can integrate bUSD as a stable settlement layer
Mint & redeem
bUSD is live with mint and redeem functionality.
Redeem
To redeem bUSD back to a stablecoin on EVM:
Send bUSD from your Bitcoin Bound wallet to Bound's hot wallet
The Bitcoin transaction embeds your EVM address and the target stablecoin ID in an OP_15 script
Bound reads the script and sends the corresponding stablecoin to your EVM address
Backing assets
bUSD is backed 1:1 by USDC and USDT, held in Ethereum multisig wallets:
ETH available reserves
0x1c51243C0aCFA2fBB2E06bfc2b9066C96Ff6d604
ETH offline reserves
0x00DA6e7A5Cd24bC1a79D0175fFB5724f8524F62f
Amounts exceeding $100,000 in the available reserves wallet are automatically swept to offline reserves.
Proof of reserves
bUSD circulating supply and backing can be verified on-chain at any time.
Circulating supply
BTC available reserves
bc1pkg6r6s0yevd465utaumyj5qf3dwgchzx83w4hlje776hk4qc9zus8dvn38
BTC offline reserves
bc1phr6t5mw4d58mqu9nd0gp9c9hfxe60wksdg5dxn330l75ucnpc56qatke8a
Backing USD
Tracking redeem requests
Each redeem transaction embeds the user's EVM address on-chain in the Bitcoin script. You can verify any request by matching the Bitcoin transaction from the Bound wallet address with the EVM address in the redeem script.
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