Liquity USD (LUSD) Ethereum

Liquity USD (LUSD) is a USD-pegged stablecoin used to pay out loans on the Liquity protocol. At any time it can be redeemed against the underlying collateral at face value. To borrow, you must open a Trove and deposit a certain amount of Ethereum (ETH) as collateral, and can then draw LUSD up to a collateral ratio of 110%.
Liquity protocol is a decentralized protocol that provides users with interest-free loans, secured by Ether collateral. To guarantee the loans, Liquity has created a Stability Pool with LUSD and borrowers act as guarantors for any remaining debt. At the time of writing, total value locked (TVL) on the protocol is over $642 million.