AquaUSD

AquaUSD was minted through Aqua Protocol, which STON.fi describes as a collateralised debt position (CDP) platform. In July 2024 the exchange blog Bittime reported that AquaUSD was pegged to 1 US dollar and backed by at least 150% in collateral from the TON ecosystem. The project's Paragraph post of 11 February 2025 also gives a minimum collateralisation of 150% and lists the accepted assets: wrapped TON in the form of tsTON, stTON, hTON, TON-SLP and DeDust LP tokens, and USDT in the form of USDT-SLP. The same post says real-world assets (RWA) would be supported in the future. The STON.fi token page, by contrast, states 200% over-collateralisation using liquid staking tokens, LP tokens and RWA.

In its Paragraph post of 11 February 2025, Aqua Protocol named several uses for AquaUSD: holding it as a stablecoin on TON, using it in DeFi and yield strategies, providing liquidity in an AquaUSD/USDT pool on decentralised exchanges, which the project said avoids impermanent loss, and looping it through USDT to raise returns from liquidity provision or staking. It also presented AquaUSD as a way to get liquidity against TON without selling it. Bittime's July 2024 article describes Aqua Protocol V3 as “the first decentralized and censorship-resistant stablecoin protocol on TON”.

On 17 July 2024 the exchange blog Bittime reported that Aqua Protocol had launched the official and final testnet for Aqua Protocol V3, the last one before its mainnet release. Testers earned XP on the Zealy platform, and that XP was to be converted into AquaXP, which the article said opened the chance of an Aqua token airdrop after the mainnet launch. The article gave no mainnet date and no airdrop amounts. After the shutdown in July 2025, the project's Telegram channel stated that AquaXP no longer has any function or value.

No. Aqua Protocol announced in its Telegram channel that it was shutting down and gave users one month to withdraw their funds, with 7 July as the deadline to withdraw or redeem AquaUSD. A later post said the project was officially closed as of 7 July 2025, and DefiLlama gives the same date as the protocol's end. According to the channel, users with more than 10 dollars locked had their remaining collateral, deposit minus debt, returned in USDT on 8 July. Holders of more than 10 AquaUSD could send them for redemption before the end of 2025 at 1 AquaUSD = 0.99 USDT, processed monthly. The AquaUSD contract itself remains on the TON blockchain, and Tonviewer still shows it as active.

In its Paragraph post of February 2025, Aqua Protocol linked its X account @aquaprotocolxyz, a Telegram announcement channel and a Telegram chat. The Telegram channels @aquaprotocolxyzchannel in Russian and @aquaprotocolxyzchannelen in English carried the shutdown notices in 2025. Both channels now run as Crypto Radar, which posts crypto and trading news, and describe themselves as formerly the Aqua Protocol channel. Before that, the channel announced a 14-day auction for full control of Aqua Protocol, including its source code, admin access to the channels, the X account and the domain; the posts do not name a winner. The project's documentation address now shows a placeholder page saying the domain may be for sale.