The first time hearing about lisUSD, many people's reactions were similar—another stablecoin, why should we trust it?

ListaDAO's answer is confident: 150% over-collateralization + a three-layer liquidation mechanism.

It sounds a bit complicated, so let's break it down. As of the end of 2025, the on-chain data for lisUSD is as follows—total circulation of 187 million tokens, with collateral backing valued at $293 million. To put it another way, the actual collateralization ratio has reached 156.7%, well above the system's minimum threshold of 150%. What does this mean? Even if BNB crashes 30% within 24 hours, the system can still withstand it, with a 16% buffer remaining.

The key is how the liquidation layers work—divided into three tiers.

When the collateralization ratio drops below 130%, the first tier "partial liquidation" is triggered, and bots will help you repay your debt, giving you a 7% discount; if it falls further to 110%, it enters the second tier "full liquidation," where collateral is auctioned off all at once; if it continues to plummet below 103%, the third tier kicks in—the protocol's $12 million lisUSD reserve will cover the shortfall directly, ensuring the entire system doesn't collapse.

Data from the past six months tell a story: 1,247 liquidation events, but zero bad debt. The most intense was on November 18, 2025, when BNB dropped 22% in a single day. The bots completed the auction in just 9 seconds, and the system actually earned $140,000 in liquidation fees.

Next time the market crashes, first calculate your collateralization ratio, then decide whether to buy the dip on those cheap liquidated positions.