RIADeFiPublished by Ketju Research
The AtlasReviewed 2026-08-19

How is USDai controlled?

USD.AI · Infrastructure-credit synthetic dollar · USD.AI governance and operating roles, with M0 and credit-asset counterparties beneath them

Control is split. Redemption logic is on-chain, but governance controls the system, and off-chain infrastructure loans limit how fast holders can redeem.

Mixed control

This page grades who can administer or censor the asset. It gives no investment verdict and no legal opinion.

Who controls it

USD.AI uses on-chain redemption logic and liquid stablecoin buffers, but the broader system depends on M0 backing, protocol governance, and infrastructure-credit assets with periodic liquidity.

Control gradeMixed control
Named controllerUSD.AI governance and operating roles, with M0 and credit-asset counterparties beneath them
Reviewed2026-08-19
Backing
M0 stablecoin liquidity plus loans or claims tied to AI and compute infrastructure, with a liquid buffer.
Holder’s claim
USDai is a protocol claim on a mix of liquid assets and term loans. No pure dollar reserve backs it.
Redemption or sale
The protocol describes scheduled 30-day redemption windows and faster redemption from a liquid buffer; how much it can pay out depends on portfolio liquidity.

Dependencies

  • USD.AI governance and smart contracts
  • M0 and its collateral chain
  • Infrastructure-credit borrowers and servicers
  • Periodic redemption windows

Losses and incidents

  • We found no control, reserve, or redemption incident in the sources we reviewed.

Advisor notes

Controlling party: USD.AI governance and operating roles, with M0 and credit-asset counterparties beneath them. Check whether the client can redeem directly with the issuer. Holding the token on chain leaves every reserve, custody, contract, and legal dependency in place.

On-chain mechanisms sit beside custodians, real-world assets, a central transaction orderer, or other parties a court or regulator can compel. This grade can sit beside a sound reserve, a useful product, or a fitting role in a client account. It records who can act on the token and passes no judgment on the product.

Questions before use

  1. Does the exact contract and chain match the instrument reviewed here?
  2. Which party can mint, burn, pause, upgrade, block, or redeem?
  3. Does the client have direct redemption access or only secondary liquidity?
  4. What protocol, bridge, wallet, and custodian dependencies are added?
  5. Which event would force a review or a sale?

Sources

Issuers can change their documents and product terms. This page gives our reading of control as of 2026-08-19. Check the current terms before a client buys.

Legend: No freeze key: no issuer or administrator can freeze an address at this layer · Governed, no freeze: on-chain collateral and governance set the terms, but no issuer blocklist exists · Mixed control: on-chain mechanisms sit beside custodians, real-world assets, a central transaction orderer, or other parties a court or regulator can compel · Issuer can freeze: a named organization or administrator controls issuance, transfers, reserves, redemption, or address restrictions. How grading works.

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