Quill USD (USDQ) stablecoin analytics
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USDQ
Quill Finance deploys Liquity V2's immutable CDP blueprint on Scroll, minting USDQ against wETH, wstETH, weETH, and — notably — SCR, Scroll's own native token, which injects a layer of alt-L1 governance token risk that Liquity's Ethereum-native design never contemplated. At roughly $132K in circulation, USDQ is a micro-cap stablecoin on a Stage 0 zk-rollup, meaning both the dollar and the chain it lives on are still proving themselves. The collateral mix earns an alt-lst-bridged-or-mixed classification: LST derivatives are reasonable CDP fodder, but accepting SCR as collateral ties the stablecoin's health to the market sentiment of the very chain hosting it — a reflexivity loop that gets uncomfortable in a drawdown. Immutable code and Liquity-style dynamic redemption fees preserve the decentralization credentials, with no admin keys or multisig to intervene when collateral ratios tighten. The thesis is that Scroll needs a native overcollateralized dollar and Liquity's battle-tested architecture is the safest way to build one — but with supply this thin, the real test is whether anyone shows up to use it.
Detailed stablecoin analytics coming soon...
