SGR 74: cUSDO-20-11-2025

cUSDO Gauge Request:

• Targeted Pair: LP-cUSDO20NOV2025
• IBT contract address: 0xad55aebc9b8c03fc43cd9f62260391c13c23e7c0
• Current TVL on the new pool: ~$70
• Current TVL on the old pool with Maturity 12. June 2025: ~$6.85M
• Current TVL as IBT (across different ecosystems): ~$214.5M
• Twitter: https://x.com/OpenEden_X
• chain : Ethereum

Simple summary:

USDO is a yield-bearing stablecoin issued by OpenEden, fully backed by tokenized U.S. Treasury bills, primarily consisting of OpenEden T-Bills and BlackRocks BUIDL fund.

cUSDO wraps USDO into a compounding version of the token, that accumulates yield internally, which results in an increased value of each cUSDO token over time.

This proposal aims to add a gauge for LP-cUSDO20NOV2025 on Ethereum to incentivize deeper liquidity. There are both gauges for an existing pool on Ethereum mainnet and one on Base, however, with the pool on Ethereum expiring on June 12, creating a new gauge for LP-cUSDO20NOV2025, will create a smoother "rollover" process.

Benefit of this integration for OpenEden

• Expands the utility of cUSDO across DeFi as fixed-income collateral
• Unlocks access to fixed yield via Spectra Principal Tokens (PTs)
• Strengthens liquidity and on-chain access to tokenized T-Bills
• Increases exposure and adoption of USDO/cUSDO on Ethereum and beyond

Benefit of this integration for Spectra

• Grows TVL and strengthens Spectra’s position in the RWA and CeDeFi landscape
• Enables adoption of advanced fixed-income strategies like looping
• Diversifies Spectra’s ecosystem with real-world asset-backed stablecoins
• Reinforces Spectra’s presence on Ethereum through a high-quality institutional integration

Ongoing interest in fixed-yield strategies has highlighted the need for deeper LP depth to reduce price impact and enable capital-efficient participation.