Mainstreet
DepeggedUnverified ReservesAuditedDEPEGGED since 2026-06-20 — msUSD trades near $0.33 with no independent proof of reserves. Mainstreet is a yield-bearing synthetic dollar protocol issuing msUSD (1:1 USDC mint/redeem) and msY (staked yield receipt), with yield generated from options box-spread arbitrage on Deribit.
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The Problem
Most yield-bearing dollar protocols rely on perpetual-futures basis trades (Ethena-style) or T-bill RWA; few productize options-volatility arbitrage, which can pay distinct returns when funding rates compress.
The Solution
Mainstreet runs delta-neutral options box spreads on Deribit and distributes 80% of net yield to msY stakers, with msUSD remaining 1:1 redeemable to USDC for approved counterparties.
Why it Matters
Different yield source from Ethena (options box spreads vs perp shorts), small but growing TVL ($78M), zero emissions, doxxed quant-trader founders, no governance token.
Protocol Metrics
Related Research
View allFrequently asked questions about Mainstreet
What is Mainstreet?+
Mainstreet is a Stablecoin protocol operating on Ethereum, Sonic. DEPEGGED since 2026-06-20 — msUSD trades near $0.33 with no independent proof of reserves. Mainstreet is a yield-bearing synthetic dollar protocol issuing msUSD (1:1 USDC mint/redeem) and msY (staked yield receipt), with yield generated from options box-spread arbitrage on Deribit.
How does Mainstreet work?+
Mainstreet runs delta-neutral options box spreads on Deribit and distributes 80% of net yield to msY stakers, with msUSD remaining 1:1 redeemable to USDC for approved counterparties.
Is Mainstreet safe?+
DeFi Sentinel rates Mainstreet C with a safety score of 34/100, indicating rated risk. The score reflects five risk dimensions: smart contract & technical risk, economic design & market risk, governance & centralization, sustainability & competitive position, and reputation & social trust. Mainstreet has 2 audits on record. DeFi Sentinel's analysis flagged 7 high, 7 medium, 3 low risk alerts across Smart Contract & Technical Risk, Economic Design & Market Risk, Governance & Centralization, Sustainability & Competitive Position and Reputation & Social Trust. As with all DeFi protocols, residual risk remains and users should review the full risk breakdown before depositing.
What is the safety score of Mainstreet?+
Mainstreet has a DeFi Sentinel safety score of 34/100 (rating C), last updated July 20, 2026. The score is computed across smart contract & technical risk (30%), economic design & market risk (25%), governance & centralization (20%), sustainability & competitive position (15%), and reputation & social trust (10%).
Which chains does Mainstreet support?+
Mainstreet is deployed on Ethereum, Sonic.
Has Mainstreet been audited?+
Yes. Mainstreet has 2 audit reports on record from firms including WatchPug, WatchPug. Audit reports and dates are linked under the Resources tab on this page.