satUSD is a decentralized, over-collateralized, multi-chain stablecoin pegged to the US dollar. It is the core product of the River protocol, a system designed for chain abstraction that enables users to deposit collateral on one blockchain and mint satUSD on another without traditional asset bridging.

Overview

satUSD was developed by the River protocol, which was formerly known as Satoshi Protocol. The stablecoin's primary objective is to address liquidity fragmentation across the rapidly expanding ecosystem of Layer-1 and Layer-2 blockchains. By implementing a "chain-abstraction" model, the protocol aims to create a unified and seamless flow of capital, allowing users to access liquidity and yield opportunities across different networks without moving their underlying collateral assets. This is achieved through a mechanism called an Omni-chain Collateralized Debt Position (Omni-CDP), which separates the location of the collateral from the location where the stablecoin is minted. ^{[1] [2]}

The technical foundation for satUSD's cross-chain functionality is LayerZero's Omnichain Fungible Token (OFT) standard. This technology allows satUSD to exist as a native asset on multiple blockchains, eliminating the security risks and complexities associated with wrapped tokens and third-party bridges. The protocol supports a variety of crypto assets as collateral, including Bitcoin, Ethereum, BNB, and various liquid staking tokens (LSTs). ^{[3] [4]}

The project gained significant traction shortly after its launch period in mid-2025, reporting a Total Value Locked (TVL) of over $400 million and more than $100 million in circulating satUSD by August 2025. The rebranding from Satoshi Protocol to River occurred in September 2025, a move that was publicly clarified when the project announced it was refunding an ecosystem support investment it had received from the BEVM foundation under its former name. ^{[5] [6]}

History

The project initially operated under the name Satoshi Protocol, with its stablecoin known as Satoshi Stablecoin. The launch period is estimated to be around June and July of 2025, with a press release in August 2025 noting significant growth over the preceding two months. A more specific launch on the BNB Chain was reported around July 17, 2025. ^{[1] [5]}

Throughout the latter half of 2025, the protocol, under its new name River, announced a series of key developments and integrations. These included the official launch of its Omni-CDP module in partnership with LayerZero in August, an integration with Chainlink's Data Standard for oracle services in early September, and its deployment on the Ethereum mainnet on September 5, 2025. The project also introduced its primary yield-generating products, the Smart Vault and the institutional-focused Prime Vault, in September 2025. ^[6]

Technology

Chain Abstraction and Omni-CDP

The core innovation of the River protocol is its "chain-abstraction" model, which is powered by a mechanism called the Omni-chain Collateralized Debt Position (Omni-CDP). This system allows a user to deposit collateral assets into a vault on a "source chain" (e.g., Ethereum) and mint new satUSD tokens natively on a different "destination chain" (e.g., Base). This process is designed to abstract away the complexities of cross-chain interactions, creating what the project describes as a "global on-chain account" where capital can be provisioned once and deployed across any supported ecosystem. The Omni-CDP system eliminates the need for users to manually bridge or wrap assets, which reduces transaction costs and mitigates the security risks associated with third-party bridges. ^{[3] [1]}

Interoperability and Oracles

satUSD's native multi-chain capability is enabled by its integration with the LayerZero interoperability protocol. The stablecoin is built as an Omnichain Fungible Token (OFT), a standard that allows for the seamless transfer of the token across different blockchains without creating fragmented, wrapped versions. This ensures that satUSD maintains a single, unified supply and identity across all integrated networks. ^[4]

To ensure the security and solvency of the system, the protocol relies on external oracle networks to provide accurate and timely price data for the collateral assets. The River protocol has integrated the Chainlink Data Standard to secure its asset pricing across all supported chains. The project's documentation also makes reference to the use of the DIA Oracle, suggesting a multi-oracle approach to enhance reliability and prevent single points of failure. ^{[6] [3]}

Supported Networks

The satUSD stablecoin and the River protocol are deployed on a wide range of blockchain networks to facilitate its cross-chain vision. As of late 2025, the supported chains include:

• Ethereum
• BNB Chain
• Base
• Arbitrum
• Sonic
• BOB (Build on Bitcoin)
• BSquared
• Hemi
• BEVM
• Bitlayer

This multi-chain presence is a core component of the protocol's strategy to connect liquidity across both Ethereum Virtual Machine (EVM) compatible chains and emerging Bitcoin Layer-2 ecosystems. ^{[9] [3]}

Peg Stability Mechanism

satUSD is designed to maintain a stable value pegged to the US dollar through a combination of economic incentives and automated risk management protocols.

• Over-collateralization: Every satUSD in circulation is backed by a surplus value of crypto assets locked in the protocol's vaults. Users are required to maintain a minimum collateralization ratio of 110%, meaning the value of their deposited collateral must be at least 110% of the value of the satUSD they have minted. This buffer helps absorb price volatility in the collateral assets. ^[4]
• Liquidations: The protocol continuously monitors the collateralization ratio of all positions. If a position's ratio falls below the minimum requirement due to a drop in the collateral's value, it becomes eligible for liquidation. During liquidation, the collateral is sold off to repay the satUSD debt, thereby removing the under-collateralized position and ensuring the overall solvency of the system. ^[2]
• Stability Pools: The protocol utilizes Stability Pools, which are reserves of capital funded by users who deposit satUSD. These pools act as a primary source of liquidity to repay debt from liquidated positions, providing a more efficient and stable liquidation process compared to relying solely on external markets. ^[4]
• Redemption and Arbitrage: The protocol allows users to redeem satUSD at any time for $1 worth of the underlying collateral. This creates a powerful arbitrage mechanism that defends the peg. If the market price of satUSD falls below $1, arbitrageurs can buy it at a discount on the open market and redeem it through the protocol for $1 of collateral, profiting from the difference and creating buying pressure that pushes the price back toward its peg. Conversely, if the price rises above $1, users are incentivized to mint new satUSD and sell it on the market, increasing supply and pushing the price down. ^[2]

Ecosystem and Products

The River protocol has developed a suite of products centered around the satUSD stablecoin to provide utility, yield, and engagement for its users.

Core Financial Products

• satUSD+: A yield-bearing, liquid token that users receive when they stake their satUSD. It automatically compounds rewards generated from protocol revenue streams, such as liquidation fees and redemption fees. satUSD+ is designed to be composable, allowing it to be used in other DeFi protocols for more advanced yield strategies while still accruing yield from the River protocol. ^[3]
• Smart Vault: A yield-generation product designed for general users. It allows for one-click deposits and aims to provide sustainable yield from a mix of DeFi and CeDeFi strategies. The product is marketed as having zero liquidation risk for depositors. ^[6]
• Prime Vault: An institutional-grade version of the Smart Vault, offering stable returns with enhanced security measures. Assets in the Prime Vault are secured by institutional custodians, including Ceffu and Cobo, to meet the requirements of larger capital allocators. ^[2]

Community and Governance

• RIVER Token: The native utility and governance token of the River protocol. Holders of the RIVER token can participate in governance votes on protocol parameters and future developments. The token also provides utility within the ecosystem, such as boosting the yield earned from satUSD+ and providing discounts on fees for minting or redeeming satUSD. ^[4]
• River4FUN: A gamified rewards platform designed to incentivize community engagement and protocol usage. It employs an AI agent to distribute rewards in the form of "River Pts" based on a user's on-chain activities (such as minting satUSD or providing liquidity) and social engagement. These points are designed to be convertible into RIVER tokens during airdrop events. ^[2]

Tokenomics

satUSD Stablecoin

• Collateral: satUSD is a crypto-backed stablecoin. The protocol accepts a basket of digital assets as collateral, including Bitcoin (BTC), Ethereum (ETH), BNB, and various Liquid Staking Tokens (LSTs). ^[3]
• Supply: The supply of satUSD is dynamic and uncapped, expanding and contracting based on user demand for minting against deposited collateral. As of October 2025, the circulating supply was approximately 308 million satUSD, with a corresponding market capitalization of around $308 million. ^{[9] [7]}
• Fees: The protocol offers zero-interest minting, meaning users do not pay a stability fee or interest rate on the satUSD they generate. Revenue is instead generated through other mechanisms, such as fees on redemptions and proceeds from liquidations. ^[5]

Partnerships and Integrations

The River protocol has established a network of partnerships across infrastructure, DeFi, and institutional sectors to support the growth and adoption of satUSD. Key infrastructure partners include LayerZero, which provides the underlying technology for its cross-chain functionality, and Chainlink, which supplies oracle services for asset pricing. The protocol has also integrated with over 30 DeFi applications, including prominent platforms like Pendle for yield trading, ListaDAO for lending, and decentralized exchanges such as Uniswap and PancakeSwap for liquidity. For its institutional-grade products, River collaborates with custodians Ceffu and Cobo and has worked with firms like Mev Capital. ^{[2] [1]}