Stablecoins have become a major part of the onchain economy. According to DefiLlama, the market now holds more than $305 billion in stablecoins. Base alone accounts for about $5.03 billion, w
Stablecoins have become a major part of the onchain economy.
According to DefiLlama, the market now holds more than $305 billion in stablecoins. Base alone accounts for about $5.03 billion, with USDC representing 84.91% of the stablecoin supply on the network.
Stablecoins are also a major part of Base’s strategy. The network says it processed more than $17 trillion in stablecoin volume across 26 local currencies and 17 countries in 2025. For 2026, scaling payments and stablecoins is one of Base’s three main priorities.
As stablecoin adoption grows, the infrastructure behind each asset becomes increasingly important. Liquidity, collateral, reserves and peg defense all play a role in keeping a stablecoin close to its target as market conditions change.
CoinGecko’s State of Stablecoins report highlights the pressure that periods of market volatility have historically placed on stablecoin pegs. The way a protocol manages liquidity, backing and peg defense therefore plays an important role in its design.
URM brings these elements together through the Fortress.
Built on Base and soft-pegged to USDC, URM uses protocol-owned liquidity, automated peg defense, ecosystem collateral and protocol-generated yield to support its $1 target.
The Fortress Sits at the Center
The Fortress is the protocol-owned contract at the core of URM.
It owns liquidity, manages supply and operates within an onchain backing capacity. An automated keeper monitors URM’s market price and activates the appropriate defense mechanism as price conditions change.
When URM trades above its target range, the Fortress can sell URM for USDC. The proceeds can support protocol-owned liquidity and accumulate reserve assets.
When URM trades below its target range, eligible reserve assets can be deployed to buy URM and create buying pressure around the peg.
Supply management, liquidity and reserve capital all come together through the Fortress around URM’s $1 target.
Protocol-Owned Liquidity Supports URM
URM uses protocol-owned concentrated liquidity around its USDC peg.
The Fortress controls this liquidity directly, giving the protocol its own liquidity infrastructure around the $1 target.
Trading activity also generates pool fees. These fees can be collected, converted into URM and retained by the Fortress as real yield.
As URM sees more activity, its liquidity can generate more fees and contribute more value to the protocol.
RAGE, HESTIA and ULTRAROUND Support the Wider Structure
URM also connects directly with RAGE, HESTIA and ULTRAROUND.
HESTIA follows a deflationary model supported by a growing USDC reserve and buy-and-burn activity. ULTRAROUND operates as a deflationary ETH proxy. Both assets also contribute to the treasury backing RAGE.
These assets also have roles within URM.
The Fortress can hold eligible ecosystem assets as defense capital, while the URM CDP allows RAGE, HESTIA and ULTRAROUND to be used as collateral.
HESTIA and ULTRAROUND therefore contribute to RAGE backing, while all three assets can contribute to the infrastructure surrounding URM.
This links URM’s peg defense and collateral system directly with the wider ecosystem.
The CDP Connects Collateral With URM
The URM CDP allows users to lock RAGE, HESTIA or ULTRAROUND as collateral and mint URM against their position at a fixed collateral ratio.
Each position is represented by an NFT that can be settled, unwound or transferred.
The CDP gives holders access to URM liquidity from their ecosystem assets while expanding the collateral available to support URM borrowing.
As of September 14, 2026, the CDP shows 36,150 URM borrowed against a maximum borrowing capacity of 46,416 URM. That represents 78% utilization across 44 open positions, with 10,266 URM still available to borrow.
These figures show active use of ecosystem collateral within the URM system.
Protocol Activity Generates Real Yield
URM also captures revenue generated through protocol activity.
Pool fees and returned protocol profits can flow into the Fortress as real yield. Towers can extend backing and distribute yield across the system.
As of September 14, the URM dashboard shows $1,064 in accumulated Fortress yield.
Fountain is designed to extend this model through a fixed-yield product built around URM, adding another use case for the stablecoin and another destination for protocol-generated yield.
Usage, fees and yield therefore remain connected within the same system.
The System Can Be Tracked Onchain
The URM dashboard gives users a direct view of the infrastructure supporting the stablecoin.
As of September 14, 2026, URM shows approximately $150,000 in total defense against more than 100,000 URM in backed supply, with a $46,577 defense surplus at the time of capture.
The dashboard also shows how that defense is distributed across USDC, CDP, RAGE, HESTIA and ULTRAROUND, allowing users to follow how each layer contributes to the system over time.
Fortress Yield has reached $1,064, while the CDP currently shows 36,150 URM borrowed against approximately 46,000 URM in borrowing capacity.
URM’s all-liquidity-to-market-cap ratio stands at 41.12%, adding another measure of the liquidity available across the system.
Together, these metrics give users a clear view of URM’s backing, defense composition, borrowing activity, liquidity and protocol-generated yield as the system develops.
URM Dashboard — Total Defense, Backed Supply, Defense Composition, Fortress Yield and CDP activity. September 14, 2026.
Conclusion
URM brings several parts of its ecosystem together around the same $1 target.
The Fortress manages supply, liquidity and peg defense. Protocol-owned liquidity supports trading around the peg and generates fees. RAGE, HESTIA and ULTRAROUND contribute to the reserve and collateral structure. The CDP turns those assets into borrowing capacity, while protocol activity generates real yield for the system.
The dashboard brings all of this data into one place, giving users a clear view of total defense, backed supply, liquidity, collateral activity and Fortress yield.
As Base expands its stablecoin economy, URM brings its own model to that growth: a soft-pegged stablecoin supported by protocol-owned infrastructure, ecosystem collateral, automated peg defense and transparent onchain data.
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