Launched in 2020, Sperax is headquartered in NYC. After envisioning a Sperax Layer 1 blockchain, the team transitioned to building the first auto-yield-bearing stablecoin: Sperax USD (USDs). In December 2021, Sperax released USDs on L2 Arbitron. Residing on-chain, USDs is backed by collateral and algorithmically by the protocol’s ability to mint $1 worth of SPA when redeeming $1 of USDs. USDs combine the scalability benefits of algorithmic stablecoins with the stability benefits of collateralized stablecoins.