Open Stablecoin Index (OPEN)

The Open Stablecoin Index (OPEN) is an innovative financial instrument designed as an equal-weight index that tracks various leading stablecoin networks. With a focus on advancing transparency, composability, and user-led governance, this index provides a unique approach to gaining exposure to the stablecoin multiverse. It features a structured methodology that evaluates included protocols based on their asset backing, peg design, safety mechanisms, and governance, ensuring that only high-quality projects are represented in the index.

Open Stablecoin Index incorporates a variety of well-established stablecoin networks, each contributing to a balanced asset basket that aims to reflect the growing landscape of decentralized finance. The index consists of 7 to 10 components, allowing for dynamic governance in selecting and maintaining these assets. This selection process is rooted in community input and on-chain decision-making by SQUILL token holders, resulting in a collaborative and transparent governance structure prioritizing stakeholder involvement.

Launched on April 14, 2025, the Open Stablecoin Index (OPEN) employs a quarterly rebalancing strategy, adjusting component allocations as necessary to maintain index health. The fee structure, which includes a 0.75% total value locked (TVL) fee and a 0.3% mint fee, facilitates operational efficiency. Deployed on the Reserve Index protocol, the Open Stablecoin Index is built on Ethereum, making it a part of the expansive world of decentralized finance while emphasizing user security and engagement.