AbraUSD is the new name for the balance of your USD stablecoins held on Abra. It is the consolidated balance of USD Coin (USDC), Pax Dollar (USDP) and True USD (TUSD) deposits. Having these stablecoin balances consolidated under AbraUSD will make trading, deposits, withdrawals, earning interest and borrowing all easier to use and manage.
Note that AbraUSD is not a stablecoin – it is simply the new label to show the combined balance of USDC, USDP, and TUSD held in Abra. You can continue to withdraw USDC, USDP, and TUSD from your AbraUSD balance at any time. USD Tether (USDT) is not impacted by this change.
AbraUSD will launch at the same time as Market Orders (see FAQ page).
What changes will I see in the Trade wallet?
All your current USDC, TUSD, and USDP holdings (and in some cases US dollar balances) will be consolidated into AbraUSD in your Trade account, at a 1:1 ratio. For example, if you had $100 in USDC, $50 in TUSD and $30 in USDP, you will see $180 of AbraUSD in your Trade account.
Are USDC, USDP and TUSD still supported assets on Abra?
Yes, USDC, USDP and TUSD are still supported on Abra. You will be able to find these assets in the portfolio list and add deposits into these assets. However, any deposits into these assets will be consolidated into your Trade AbraUSD account at a 1:1 ratio.
Am I still able to withdraw USDC, USDP and TUSD?
Yes, you can continue to withdraw USDC, TUSD and USDP from your consolidated AbraUSD balance at a 1:1 ratio. For example, if you hold $180 of Abra USD in your Trade account, you are able to withdraw $180 in any one of USDC, TUSD or USDP, or withdraw any combination of these three assets up to $180. In the above scenario, it doesn’t matter if you had only deposited $50 TUSD, you can still withdraw $180 TUSD.
So you still have access to the same stablecoin you deposited when you withdraw, and can use Abra as a free mechanism for converting across USDC, USDP and TUSD anytime with zero spread.
There is no impact to your Bank ACH/wire withdrawals.
Can I still see what USDC, USDP and/or TUSD deposits I added to Abra?
Yes, you can continue to see the list of deposits and withdrawals across USDC, USDP and TUSD in your transaction history. To access your transaction history, you can either tap on the Abra logo at top of the app, or find Transactions in the hamburger menu on the top left of the app’s main screen.
Can I transfer my Trade AbraUSD to Boost?
Yes, you can transfer your AbraUSD from Trade into interest-generating AbraUSD in Boost. Similarly, you are able to withdraw interest-generating AbraUSD into your Trade AbraUSD at any time.
What is the impact to my current interest-generating USDC, USDP and TUSD balances?
There is no impact to interest-generating USDC, USDP and TUSD balances held in Boost. Users with existing holdings of interest-generating USDC, TUSD and USDP in Boost will continue to generate interest as they do today. When any of these assets (USDC, TUSD, or USDP) are transferred from Boost to Trade, they will appear as a single consolidated balance under AbraUSD at a 1:1 ratio.
What is the impact to my existing loan?
Your current loans will not be impacted and remain in your original loan asset (USDC, TUSD or USDP). However, any scheduled or manual interest and loan payments will be made from your Trade AbraUSD balance at a 1:1 ratio.
Can I still take out new loans?
New loans will only be available in AbraUSD with the same loan terms, collateral options and interest rates options. Interest and loan payments will be made from your AbraUSD balance in your Trade account.