About this explorer

Ebisu Money issues ebUSD, a dollar-tracking stablecoin borrowed against five collateral types — staked ether, yield-bearing stablecoins and wrapped bitcoin. A borrower opens a Trove — a collateralised loan — and sets their own interest rate; paying a higher rate pushes the Trove further from redemptions, the mechanism that holds ebUSD at a dollar by paying off the lowest-rate loans first.

Each branch sets its own minimum collateral ratio, below which anyone can liquidate a Trove: 120% for weETH and WBTC, 115% for sUSDe and stcUSD, 135% for LBTC. Ebisu's governance can move it — weETH's was 128% and WBTC's 132% until 4 January 2026. A past liquidation is shown against the minimum in force at its block.

A liquidated Trove's debt is offset first by its branch's Stability Pool — ebUSD deposited by other users, who receive the seized collateral at a discount — and redistributed across the branch's other Troves for whatever the pool can't cover.

Drawing new ebUSD, whether at open or on a later adjustment, pays a one-time upfront fee: a week of interest on the new debt at the branch's average rate, added to the debt.

Each row of the listing is one Trove: its collateral, its ebUSD debt, its collateral ratio, its dollar value, the rate its owner chose, and its status. Or compare the branches and their redemption queues.