About xUSD

xUSD is the world’s only private stable coin

With close to 6000 cryptocurrency projects in existence it is increasingly difficult to find unique and useful products: Enter xUSD, the closest thing to a true digital cash. 

This is all possible because it is decentralized, backed by an algorithm as opposed to bank deposits and offers true user privacy and autonomy.

These qualities result in a range of use cases as broad as cash itself. Take the time to read this page and learn more about a truly unique crypto project.

xUSD is expected to become the driving force behind the demand for Haven’s volatile base currency [XHV]. Currently, xUSD is only accessible via the Haven Vault, but the upcoming THORChain integration (the cross-chain decentralized exchange) will change this dramatically. For the first time, anyone using one of the large number of crypto currencies supported by THORChain will have access to a range of Haven’s private and stable assets.

See our THORChain introduction to understand why this could change crypto forever, here

Haven Overview

Haven Protocol is a private financial ecosystem, consisting of 3 types of assets. This powerful combination gives users genuine utility. 


Acts as the network collateral with an elastic supply. It is volatile, so the price is set according to supply and demand on exchanges. Burning XHV is the only way to create (mint) xUSD. XHV is backed by Proof-of-Work security and is minable.


xUSD is a stable coin pegged to the US Dollar. It’s created by burning the equivalent USD value of XHV. It is the only currency that can be converted into xAssets, so it acts as a gateway between XHV and xAssets.


These are synthetic assets pegged to a range of asset classes such as fiat currencies, precious metals, and other cryptocurrencies. They can be minted (using xUSD) and stored within the Haven Vault. In the future, there is potentially no limit to the number of xAssets that could be available as long as a reliable price feed can be taken. More details on the current xAssets available can be found here.

About Privacy

A desire for privacy has grown with the increasing distrust in governments, media platforms, and big tech. People now realize that privacy can mitigate data hacks, identity theft, and the rise of technology companies using personal data for corporate gain. This is why xUSD is important.

Haven is built on a fork of the Monero code, often considered the world’s leading private cryptocurrency. This means that transactions, wallets, and values are all encrypted and anonymous. You can read how Haven preserves your financial privacy here.

Privacy is a fundamental human right. It should be expected in every aspect of life, particularly an individual’s finances. Given that Blockchain ledgers are potentially forever, it is possible for many crypto transactions to be reviewed by your grandchildren, someone else’s grandchildren, and any other prying eyes.

This is a problem the Haven project is going to fix. Privacy gives security, true fungibility, and freedom.

About Stable Coins and xUSD

The stable coin market is worth $180B+ (As of Feb ‘22) – and growing.

This is a result of a few undeniable trends, such as the explosion of Defi and Tether’s growing dominance in spot trading.

xUSD is unlike asset-backed coins that rely on a reserve of physical assets. It is algorithmic, using mathematical models to maintain its price peg.

The actual maths behind XHV is actually very simple:

1 xUSD can always be converted into 1 USD worth of XHV

This is possible because the protocol allows users, within the Haven wallet, to mint whatever quantity of XHV is required to match the value USD.

This mint and burn mechanism allows the protocol to function.

What Exactly is “Mint and Burn”

So, there are two distinct parts to the supply dynamics of the Haven network.

Part 1 is from mining: This is the same schedule as Monero with a max supply of 18.4 Million plus tail emission. This doesn’t change regardless of network growth or use of xUSD etc. 

Part 2 is from minting and burning: There is no limit to how many XHV or other xAssets can be in circulation at any one time due to the mint and burn. To create XHV from xUSD the protocol just generates the same USD value of XHV as you held in xUSD. Because of this the supply is elastic and changes depending on demand for assets.

The conversion rate is based on a pricing record, from an indisputable pricing oracle.

Will 1 xUSD always be worth $1 USD?

Within the network (and your vault) – the protocol can guarantee: 1xUSD will always be convertible into 1 USD worth of XHV (less fees). This is based on a 24-hour moving average price, from the oracle.

Because the algorithm doesn’t require a counterparty, there is a theoretical unlimited liquidity. As a result, this promise can be kept without compromise, and without slippage.

For full details on how this works see the Whitepaper

Outside the network, normal market forces will apply. However, there are features of the protocol that will keep 1 xUSD close to 1 USD.

Anybody can buy Haven XHV at the market rate and convert it themselves into xUSD, so there is little incentive to ever pay more than $1 for 1 xUSD. And the same principle applies to a seller. Why sell for less than a dollar, when they could simply buy Haven at market rate and convert into xUSD yourself, in your vault.

This basic principle creates an opportunity for arbitrage bots on exchanges. Arbitrageurs are incentivized to buy or sell xUSD when any price variance exists, pulling xUSD back to $1 – helping to keep the price stable.

Haven Utility

The concept of onshore and offshore?

The private assets inherent in the Haven ecosystem have been likened to an offshore bank. As a result, the phrases, onshore and offshore are often used.

Onshore: Funds held in Haven (XHV).
Offshore: Funds that have been converted into xUSD or other assets.

The benefit of the Moving Average (MA)

When you exchange between xUSD and XHV, the conversion price will be based on a 720 block (~24hr) moving average, opposed to the spot price.

This offers a number of benefits.

Firstly, the MA moves slowly following sudden price changes. This means that a user buying xUSD after a recent price drop in XHV will benefit from the price before the drop. It gives the user a partial view into the future. This benefit also applies to users converting from xUSD to XHV, wanting to buy before a sudden price rise.

This gives users a unique safety net, allowing them to convert volatile assets into xUSD (a virtual safe harbor) when prices change quickly.

What can you use xUSD for?

For full details on how to use xUSD, including transaction fees and lock times have a look here.

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