Flying Tulip
Workspaces

Protocol workspace

ftUSD

Supply, staking, collateral, and whether holders can actually redeem.

Two prices, and they are not the same number

MARKET · what it actually trades for
ftUSD market price
Current · 4m ago
$1.0018
Methodology & source
ACCOUNTING · what the protocol books
ftUSD accounting value
Current · 11h ago
$1.00
Methodology & source

The gap between them

17.8 bps

The accounting value is $1.000000 by definition and essentially never moves — it says nothing about whether the peg is holding. The peg band plots the market price only. Plotting the accounting value there would draw a permanently perfect peg: a lie by construction.

Key figures

ft.status.ftusd.dashboard.v1
ftUSD supply
Current · 5m ago
4.29M
Methodology & source
ft.ftusd.staking.v1
sftUSD staked
Current · 5m ago
1.60M
Methodology & source
ft.status.ftusd.dashboard.v1
ftUSD TVL
Current · 5m ago
$4.29M
Methodology & source
Market price vs $1.0000 — basis points

ftUSD peg deviation

Partial
Market price $1.0018Deviation 17.8 bpsWithin ±50 bps
All 2 in 30D

The ±50 bps and ±100 bps bands are DASHBOARD thresholds set by FT Pulse, not Flying Tulip protocol policy. Flying Tulip publishes no peg-defence threshold; these are the alerting rules in PRODUCT.md §8 and they are frozen pending a named owner (§13 D2). Do not read a warn band as a protocol guarantee.

ftUSD market deviation: latest 17.8 bps (2026-07-17 10:57 UTC). Over the last 30 days it moved down 1.1 basis points, from 18.8 bps to 17.8 bps. Range low 17.8 bps on 2026-07-17, high 18.8 bps on 2026-07-17, across 2 observations. Coverage is partial — some sources for this metric are not yet connected, so this value covers only the connected ones. Sources: CoinGecko · Flying Tulip USD, DefiLlama · Flying Tulip USD.

Current · 4m ago·CoinGecko · Flying Tulip USD, DefiLlama · Flying Tulip USD··
Source, methodology and coverage
Observed at2026-07-17 10:57:36 UTC
Classobserved — Read directly from the source. Not derived.
MethodologyWhat one ftUSD actually trades for on the open market. This is the number that tells you whether the peg is holding — it is NOT the protocol's internal $1.00 accounting value. This drives signature visualization B, the peg-deviation band: a $1.0000 centre line with deviation in basis points. Using the accounting price there would draw a permanently perfect peg — a lie by construction. Primary source is CoinGecko (flying-tulip-usd), pending its API key. DefiLlama stablecoin 421 publishes the same market price and IS enabled, so it acts as the live cross-check; its coverage went Ethereum-only on 2026-07-09. Deviation bands are dashboard policy. They are labeled as such in the UI so nobody reads a warn band as a protocol guarantee. Full methodology
SourceCoinGecko · Flying Tulip USD — External ftUSD market price; distinct from the protocol $1 accounting value. Not collecting; contract status is "pending-source-approval".
SourceDefiLlama · Flying Tulip USD — External ftUSD market peg and Ethereum-indexed circulating supply comparison. Collection contract is enabled on a cadence of 1 hour.

Price data: CoinGecko — https://www.coingecko.com. Comparison data: DefiLlama — https://defillama.com

Ethereum and Sonic, issued separately

ftUSD supply by chain

Connected source
All 33 in 30D

Ethereum: latest 3.91M (2026-07-17 10:57 UTC). Over the last 30 days it moved up 924323.34 tokens, from 2.98M to 3.91M. Range low 2.98M on 2026-06-18, high 3.99M on 2026-07-07, across 33 observations. Sonic: latest 377.8K (2026-07-17 10:57 UTC). Over the last 30 days it moved down 27037.56 tokens, from 404.9K to 377.8K. Range low 374.8K on 2026-07-10, high 404.9K on 2026-06-18, across 33 observations. Sources: Flying Tulip API · /status/ftusd/dashboard.

Current · 5m ago·Flying Tulip API · /status/ftusd/dashboard··
Source, methodology and coverage
Observed at2026-07-17 10:57:30 UTC
Classobserved — Read directly from the source. Not derived.
MethodologyHow many ftUSD tokens exist on each chain — the amount of the stablecoin actually issued. Chain-scoped: the entity carries the chain id from the payload, so a new chain publishes without a registry change. Chains 1 (Ethereum) and 146 (Sonic) were the verified set on 2026-07-13. Our figure covers Ethereum AND Sonic. DefiLlama's covers Ethereum only, which is why the two disagree — see discrepancy_ftusd_supply. Neither is wrong; they count different things. Full methodology
SourceFlying Tulip API · /status/ftusd/dashboard — First-party ftUSD supply, collateral, staking and strategy state. Its embedded $1 accounting value is not treated as the market peg. Collection contract is enabled on a cadence of 5 minutes.
The sftUSD receipt supply

Staked ftUSD by chain

Connected source
All 33 in 30D

Ethereum: latest 1.33M (2026-07-17 10:57 UTC). Over the last 30 days it moved up 810739.01 tokens, from 517.8K to 1.33M. Range low 517.8K on 2026-06-18, high 1.45M on 2026-07-07, across 33 observations. Sonic: latest 267.7K (2026-07-17 10:57 UTC). Over the last 30 days it moved down 27702.30 tokens, from 295.4K to 267.7K. Range low 265.1K on 2026-07-10, high 295.4K on 2026-06-18, across 33 observations. Sources: Flying Tulip API · /status/ftusd/dashboard.

Current · 5m ago·Flying Tulip API · /status/ftusd/dashboard··
Source, methodology and coverage
Observed at2026-07-17 10:57:30 UTC
Classobserved — Read directly from the source. Not derived.
MethodologyHow much ftUSD is staked on each chain, as the ftUSD dashboard reports it. The SAME QUANTITY as sftusd_staked, from a different endpoint: the dashboard reports staked ftUSD, the staking endpoint reports the sftUSD receipt supply. They agree in the capture and are published separately anyway, so a future divergence between the two surfaces as a visible discrepancy instead of being resolved silently in favour of whichever one we happened to read. Full methodology
SourceFlying Tulip API · /status/ftusd/dashboard — First-party ftUSD supply, collateral, staking and strategy state. Its embedded $1 accounting value is not treated as the market peg. Collection contract is enabled on a cadence of 5 minutes.
Issued separately per chain

Supply and staking by chain

Connected source
ftUSD supply, staking and APY per chain
ChainSupply (tokens)Staked (tokens)Staked share (%)APY (%)Collateral (USD)
Ethereum3.91M1.33M34.00%11.23%$3.91M
Sonic377.8K267.7K70.86%4.94%$378.5K
Rows 1–2 of 2
1 / 1

APY is a RATE and is shown per chain rather than as one headline: Ethereum and Sonic pay different rates, and an average of two rates weighted by nothing is not a rate anyone can earn. Staking runs in independent epochs per chain, so a comparison at a single instant is comparing different epochs.

Current · 5m ago·Flying Tulip API · /status/ftusd/dashboard··
Source, methodology and coverage
Observed at2026-07-17 10:57:30 UTC
Classobserved — Read directly from the source. Not derived.
MethodologyHow many ftUSD tokens exist on each chain — the amount of the stablecoin actually issued. Chain-scoped: the entity carries the chain id from the payload, so a new chain publishes without a registry change. Chains 1 (Ethereum) and 146 (Sonic) were the verified set on 2026-07-13. Our figure covers Ethereum AND Sonic. DefiLlama's covers Ethereum only, which is why the two disagree — see discrepancy_ftusd_supply. Neither is wrong; they count different things. Full methodology
SourceFlying Tulip API · /status/ftusd/dashboard — First-party ftUSD supply, collateral, staking and strategy state. Its embedded $1 accounting value is not treated as the market peg. Collection contract is enabled on a cadence of 5 minutes.
Allocation is not withdrawal headroom

Strategy allocation and redemption capacity

Connected source

Strategy allocation shows where ftUSD backing is deployed. Redemption capacity shows what each collateral breaker currently allows out. A large allocation can have much smaller exit headroom; the two views are intentionally not stacked into one total.

Strategy allocation

Share of observed deployed capital

$4.28M

  1. USDC · Ethereum

    Deposit asset: USDC

    $2.54M
    59.3%
    Strategy reports withdrawable: $2.54MCurrent · 5m ago

  2. USDT · Ethereum

    Deposit asset: USDT

    $1.37M
    32.1%
    Strategy reports withdrawable: $1.15MCurrent · 5m ago

  3. USDC · Sonic

    Deposit asset: USDC

    $371.0K
    8.7%
    Strategy reports withdrawable: $330.2KCurrent · 5m ago

Redemption capacity by collateral

Wrapper capital versus breaker-constrained withdrawable amount

  1. USDC · Ethereum

    0xa0b869…06eb48

    Availability normal
    Wrapper capital$2.54M
    Withdrawable now$253.7K
    Current · 5m ago

  2. USDT · Ethereum

    0xdac17f…831ec7

    Availability normal
    Wrapper capital$1.37M
    Withdrawable now$137.1K
    Current · 5m ago

  3. USDC · Sonic

    0x29219d…038894

    Availability normal
    Wrapper capital$371.0K
    Withdrawable now$37.1K
    Current · 5m ago

  4. USSD · Sonic

    0x000000…657fef

    Availability normal
    Wrapper capital$7.5K
    Withdrawable now$754.17
    Current · 5m ago
View allocation and capacity as tables
Strategy allocation
StrategyChainDeposit assetDeployedWithdrawableObserved
USDCEthereumUSDC$2.54M$2.54M
USDTEthereumUSDT$1.37M$1.15M
USDCSonicUSDC$371.0K$330.2K
Collateral redemption capacity
CollateralChainWrapper capitalWithdrawableAvailabilityObserved
USDCEthereum$2.54M$253.7KNormal
USDTEthereum$1.37M$137.1KNormal
USDCSonic$371.0K$37.1KNormal
USSDSonic$7.5K$754.17Normal
Current · 5m ago·Flying Tulip API · /status/ftusd/dashboard··
Source, methodology and coverage
Observed at2026-07-17 10:57:30 UTC
Classobserved — Read directly from the source. Not derived.
MethodologyHow much of the ftUSD backing each individual asset provides, in dollars. Keyed on the collateral contract address, never the symbol. The composition differs by chain (fixture observed 2026-07-13: Ethereum is USDC + USDT, Sonic is USDC + USSD), so a single cross-chain "collateral mix" would blur two different answers into one. Full methodology
SourceFlying Tulip API · /status/ftusd/dashboard — First-party ftUSD supply, collateral, staking and strategy state. Its embedded $1 accounting value is not treated as the market peg. Collection contract is enabled on a cadence of 5 minutes.
Can holders actually redeem?

Circuit breaker and withdrawal capacity

Connected source
EthereumWithdrawals openBreaker armedSettlement delay 6h
  • ftUSD0xf7d8…9c9c500.5K withdrawable now
    ftUSD breaker utilisation0.0 bps / 10000.0 bps
  • USDC0xa0b8…eb48253.7K withdrawable now
    USDC breaker utilisation0.0 bps / 10000.0 bps
  • USDT0xdac1…1ec7137.2K withdrawable now
    USDT breaker utilisation0.0 bps / 10000.0 bps

Withdrawal capacity is in TOKEN units of each asset, and it is what the breaker will actually release right now — not the collateral held. The gap between the two is the honest answer to “can I get out?”. The settlement delay is a protocol parameter, not a measure of how many redemptions are queued ahead of you; queue depth comes from a source that is still pending approval.

Current · 5m ago·Flying Tulip API · /status/ftusd/circuit-breaker/limits··
Source, methodology and coverage
Observed at2026-07-17 10:57:29 UTC
Classobserved — Read directly from the source. Not derived.
MethodologyWhether ftUSD withdrawals are currently paused on this chain. If this is true, holders cannot redeem right now. This is the single most consequential boolean on the ftUSD workspace: it is the difference between "the peg is under pressure" and "you cannot get your money out". It is rendered as a state, never buried in a chart. Full methodology
SourceFlying Tulip API · /status/ftusd/circuit-breaker/limits — First-party per-chain breaker state and per-asset withdrawal capacity. Collection contract is enabled on a cadence of 2 minutes.
SonicWithdrawals openBreaker armedSettlement delay 6h
  • ftUSD0xf7d8…9c9c500.0K withdrawable now
    ftUSD breaker utilisation0.0 bps / 10000.0 bps
  • USDC0x2921…889437.1K withdrawable now
    USDC breaker utilisation0.0 bps / 10000.0 bps
  • USSD0x0000…7fef754.371 withdrawable now
    USSD breaker utilisation0.0 bps / 10000.0 bps

Withdrawal capacity is in TOKEN units of each asset, and it is what the breaker will actually release right now — not the collateral held. The gap between the two is the honest answer to “can I get out?”. The settlement delay is a protocol parameter, not a measure of how many redemptions are queued ahead of you; queue depth comes from a source that is still pending approval.

Current · 4m ago·Flying Tulip API · /status/ftusd/circuit-breaker/limits··
Source, methodology and coverage
Observed at2026-07-17 10:57:40 UTC
Classobserved — Read directly from the source. Not derived.
MethodologyWhether ftUSD withdrawals are currently paused on this chain. If this is true, holders cannot redeem right now. This is the single most consequential boolean on the ftUSD workspace: it is the difference between "the peg is under pressure" and "you cannot get your money out". It is rendered as a state, never buried in a chart. Full methodology
SourceFlying Tulip API · /status/ftusd/circuit-breaker/limits — First-party per-chain breaker state and per-asset withdrawal capacity. Collection contract is enabled on a cadence of 2 minutes.
What is actually held against the issued supply

Collateral backing ftUSD

Connected source
ftUSD collateral by asset and chain
AssetChainCollateral (USD)Share of chain (%)Address
USDCEthereum$2.54M64.92%0xa0b8…eb48
USDTEthereum$1.37M35.08%0xdac1…1ec7
USDCSonic$370.9K98.01%0x2921…8894
USSDSonic$7.5K1.99%0x0000…7fef
Rows 1–4 of 4
1 / 1

Share is a share of ONE CHAIN’s collateral, not of the protocol’s — shares from different chains do not add up to anything and are never summed. The composition differs by chain, so a single cross-chain “collateral mix” would blur two different answers into one.

Current · 5m ago·Flying Tulip API · /status/ftusd/dashboard··
Source, methodology and coverage
Observed at2026-07-17 10:57:30 UTC
Classobserved — Read directly from the source. Not derived.
MethodologyHow much of the ftUSD backing each individual asset provides, in dollars. Keyed on the collateral contract address, never the symbol. The composition differs by chain (fixture observed 2026-07-13: Ethereum is USDC + USDT, Sonic is USDC + USSD), so a single cross-chain "collateral mix" would blur two different answers into one. Full methodology
SourceFlying Tulip API · /status/ftusd/dashboard — First-party ftUSD supply, collateral, staking and strategy state. Its embedded $1 accounting value is not treated as the market peg. Collection contract is enabled on a cadence of 5 minutes.

Charting by TradingView — TradingView