Origin is relaunching its yield-generating stablecoin following a November attack that drained OUSD holders of $7 million.
Starting now, users can once again exchange USDC, USDT and DAI for OUSD.
As CoinDesk reported in September, the smart contract powering OUSD was not yet audited. OUSD allowed users to deposit the most popular stablecoins that would be plugged into decentralized finance (DeFi) yield farming strategies, the returns on which would be returned to OUSD holders by increasing the balance in each wallet.
By November, the smart contract had $7 million locked in it, which the company argues proved demand. However, in mid-November it was drained due to a re-entrancy bug in the smart contract (the same exploit that sunk the original DAO).
“We remain committed to our vision of a superior stablecoin for the Ethereum network. Despite the setback from the hack, we are returning with renewed confidence that we are building something important, that