"Controlled issuance" and "multisig governance" get headline billing but Sonic Labs' own blog post discloses neither the multisig configuration nor any governance parameters — just a Zellic audit link and a contract address. Strip away the branding and USSD is frxUSD on Sonic, which is a smart play (battle-tested Frax infra > rolling your own), but it stacks counterparty risk three deep: users → Frax → tokenized treasury issuers (BUIDL, USTB, WTGXX) → actual T-bill custodians. Meanwhile the Clarity Act draft from March targets passive yield on stablecoins directly — if that passes, USSD's reserve-yield-funded ecosystem flywheel gets kneecapped before it even reaches meaningful TVL.

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