CDPs · Review
ActiveAsymmetry USDaf Review 2026: Fixed-Rate Borrowing on Liquity v2
USDaf is a synthetic dollar from Asymmetry Finance. Users borrow it against BTC and yield-bearing stablecoins at an interest rate they choose. It is a niche, small-TVL product with real oracle and liquidity risks.
By the DappsAtlas editorial team · Updated
DappsAtlas score
5.5/10
Mixed
Our verdict on Asymmetry USDaf
5.5/10Asymmetry USDaf suits experienced DeFi users who want to borrow a dollar stablecoin against BTC or yield-bearing stablecoins and prefer to set their own interest rate. Its strength is the Liquity v2-based design with immutable loans. The main caveat is size and risk: TVL is only a few hundred thousand dollars, liquidity is thin, and there is a reported announcement about a tBTC oracle issue. Newcomers and large depositors should read the latest team updates and audits first.
Score breakdown
How Asymmetry USDaf scores
- Security
- 5.0/10
- Ease of use
- 6.0/10
- Fees
- n/a
- Features
- 6.0/10
Scores run from 0 to 10 and are based only on facts we could verify. Where information was missing we mark the score n/a rather than guess.
What is Asymmetry USDaf?
Asymmetry USDaf is a synthetic dollar stablecoin from Asymmetry Finance, a DeFi project that originally focused on structured products for liquid staking. USDaf lets users open collateralised debt positions with BTC and yield-bearing stablecoins and borrow against them with immutable loans.
The pitch on the homepage is short: set your own fixed interest rates and borrow better. The product is described as built on Liquity v2 in partnership with Ampleforth, and it runs on Ethereum. DefiLlama has tracked it since May 2025 and lists two audits.
Scale is the main limitation. Total value locked sits around $326,000 and dipped about 10% in a week. A search result also points to an announcement about a potential tBTC oracle issue affecting USDaf, so recent status updates matter. The protocol's own token is ASF.
How Asymmetry USDaf works
USDaf works like other collateralised debt position systems. You lock collateral in a smart contract and mint a stablecoin against it, creating debt. The collateral must stay worth more than the debt, or the position can be liquidated.
According to the project's description, the collateral can be BTC or yield-bearing stablecoins, and the loans carry user-chosen, fixed-style interest rates. The design is described as built on Liquity v2, where each borrower picks a rate. Positions paying lower rates are typically more exposed to redemptions, which helps keep the stablecoin near a dollar.
The protocol depends on price oracles to value collateral. If an oracle is wrong or fails, liquidations and borrowing limits can behave badly, which is why the tBTC oracle announcement is relevant to anyone using it.
6 features
Key features
01
CDP-based borrowing
Borrowers open collateralised debt positions and mint USDaf against deposited assets.
02
User-set interest rates
The homepage promises that borrowers can set their own fixed interest rates instead of accepting a protocol-wide rate.
03
BTC and yield-bearing collateral
Collateral options include BTC and yield-bearing stablecoins, which lets borrowers keep exposure to assets that already earn yield.
04
Immutable loans
The loans are described as immutable, meaning the contract terms are not changed by an admin after deployment.
05
Liquity v2 foundation
USDaf is described as built on Liquity v2 in partnership with Ampleforth, using a design that has been used elsewhere.
06
Ethereum deployment
The protocol runs on Ethereum, and the USDaf token has a pool on Curve.
Pros and cons
What we like
- Borrowers choose their own interest rate rather than accepting a protocol-wide one.
- Accepts BTC and yield-bearing stablecoins as collateral, which suits holders who want to keep that exposure.
- Built on the Liquity v2 design, a known CDP model.
- Loans are described as immutable, limiting admin changes after deployment.
- Two audits are listed on DefiLlama's page for the protocol.
Watch out for
- Total value locked is small, about $326,000, and fell roughly 10% over seven days, so liquidity may be thin.
- A search result shows an announcement about a potential tBTC oracle issue affecting USDaf; the full details are not.
- Oracle dependence on BTC-related collateral adds risk beyond the core smart contracts.
- The team, audit reports and fee schedule are not published on the homepage, so users must dig for them.
- A small, newer stablecoin can lose its dollar peg more easily than larger rivals.
- Liquidation risk applies: collateral can be sold if its value falls too far against the debt.
Asymmetry USDaf fees
The homepage does not publish a fee table. Borrowing cost comes from the interest rate each borrower sets on their position, so it varies by user and market conditions.
Other costs include Ethereum gas for opening, adjusting and closing positions, plus any swap fees when trading USDaf on a DEX. Check the app for any one-off or rate-adjustment fees before committing funds.
Is Asymmetry USDaf safe?
Two audits are listed for the protocol, but the auditors and findings are not named in the material reviewed. Smart-contract audits lower risk but do not guarantee safety, and the team behind the project is not detailed on the homepage.
Main risks are oracle failure, liquidation, and loss of the dollar peg. A search result references an announcement about a potential tBTC oracle issue affecting USDaf; check official channels for what happened and whether it was resolved. With low TVL and thin trading, the stablecoin may be more fragile than larger competitors. Regulatory status is not stated. Only deposit what you can afford to lose.
6 steps
How to get started with Asymmetry USDaf
- 1
Read the official site and any recent announcements, including the notice about the tBTC oracle, before depositing.
- 2
Set up an Ethereum wallet and fund it with ETH for gas.
- 3
Connect the wallet to the USDaf app and choose a supported collateral type such as BTC or a yield-bearing stablecoin.
- 4
Pick an interest rate and a borrow amount, keeping a comfortable buffer above the liquidation threshold.
- 5
Open the position and monitor collateral value and your rate regularly.
- 6
Repay the USDaf debt to close the position and withdraw your collateral.
Who Asymmetry USDaf is for
USDaf is for experienced DeFi borrowers comfortable with CDPs, liquidation risk and oracles, who hold BTC or yield-bearing stablecoins and want control over their interest rate. It is not suited to beginners or anyone needing deep liquidity.
Asymmetry USDaf FAQs
What is Asymmetry USDaf?
USDaf is a synthetic dollar stablecoin issued by Asymmetry Finance. Users open collateralised debt positions and borrow USDaf against deposited collateral. It is described as built on Liquity v2 in partnership with Ampleforth.
What collateral can I use for USDaf?
Per its description, borrowers can open positions with BTC and yield-bearing stablecoins as collateral. The exact list of accepted assets is not spelled out on the homepage, so check the app before depositing.
Can I set my own interest rate?
The homepage tagline is to set your own fixed interest rates. Borrowers choose the rate on their position rather than accepting a rate set by governance. The exact rules for changing a rate are not published on the homepage.
Has USDaf been audited?
Two audits are listed on the protocol's DefiLlama page, but the audit firms and reports are not named in the material reviewed. Audits reduce but do not remove smart-contract risk, and you should read the reports yourself.
Has there been any problem with USDaf?
A search result shows an announcement saying the Asymmetry team was informed of a potential issue with the tBTC oracle affecting USDaf. Details on scope and resolution are not available here, so check the team's official channels for the latest status.
Where can I trade USDaf?
A trading pair of USDC and USDaf is reported on Curve on Ethereum, though volume appears very small. Low liquidity can mean slippage when swapping in or out.
What is the ASF token?
The protocol's own token is ASF. USDaf is the stablecoin, and ASF is the project's governance and ecosystem token. The homepage does not say how ASF is used in the USDaf system.
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How we checked
Sources
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