Summary

December marked a strong close to the year for Origin, with continued execution across product upgrades and OGN value accrual. Protocol revenue translated directly into OGN buybacks and staking rewards, reinforcing the alignment between product growth and token holder value. At the same time, Origin advanced its core products with upgrades that improve capital efficiency, risk control, and long-term scalability.

Origin Dollar introduced an exclusive Morpho vault built with Yearn, improving yields while maintaining a conservative risk profile. The Automated Redemption Manager also expanded beyond liquid staking assets with the private beta launch of the sUSDe ARM, marking the first stablecoin-focused deployment and an important step in broadening the ARM framework to new markets.

Let’s dive into the details below:

Origin Token (OGN): December 2025

In December, protocol fees flowed back into OGN through buybacks and staking rewards, reinforcing OGN as the core token tied to protocol revenue. As Origin’s products generate more yield and TVL expands, that growth directly converts into larger OGN buybacks. December’s data provides a clear snapshot of how this model is performing in practice.

More than 11 million OGN was repurchased during the month, bringing cumulative buybacks to 59 million OGN. Since the buyback program began, approximately 9% of the total supply has been bought back using protocol fees.
All repurchased OGN is allocated to staking rewards. OGN locked at the maximum duration is currently earning 23.8% APY, with 49.7% of the circulating supply locked to earn rewards.
The protocol generated $500,000 in revenue over the month, with roughly $100,000 distributed to OGN stakers through fees.

Origin Dollar x Yearn

Origin Dollar shipped an upgrade that introduces a new yield strategy built in collaboration with Yearn, centered around a dedicated Morpho vault for OUSD. This marks the first time OUSD capital is being routed through an exclusive vault designed specifically for the product, rather than relying on shared market access or external curators.

The vault is now starting to receive capital and is allocating USDC across lower-risk Morpho markets to improve yield while maintaining a conservative risk profile. For OUSD holders, the experience remains unchanged, but the underlying strategies become more streamlined through Morpho. This upgrade sets the foundation to expand OUSD’s footprint over time, with tighter control over risk, capacity, and performance as liquidity grows.

ARM Expansion: Ethena sUSDe

In December, Origin began private beta testing the sUSDe ARM, marking the expansion of the Automated Redemption Manager beyond liquid staking tokens. This deployment represents the first stablecoin-focused ARM, extending the ARM’s arbitrage framework and validating its flexibility across different market structures. The sUSDe ARM is designed to support growing demand for sUSDe by improving liquidity while testing how the ARM performs in stablecoin markets with distinct use cases and redemption dynamics.

Similarly to the stETH ARM, the sUSDe ARM actively deploys capital to capture arbitrage opportunities on secondary markets, helping reduce price dislocations during periods of volatility. When sUSDe/USDe arbitrage opportunities aren’t present, capital is routed to Aave V3 lending markets to earn yield on USDe.

Once further testing and audits are complete, we anticipate the sUSDe ARM will open to the public in Q1 2026.

Product Metrics

See the list below for updates on total value locked and APYs for each of Origin's products:

Origin Token (OGN) currently yields 23.8% APY on max locked xOGN with 49.7% of the supply locked for rewards.
Origin Ether (OETH) achieved a 30-day trailing APY of 2.7% at $81.5M TVL.
Super OETH (superOETHb) achieved a 30-day trailing APY of 3% APY at $60M TVL.
Origin Sonic (OS) achieved a 30-day trailing APY of 4.3% APY at $1.1M TVL.
Origin Dollar (OUSD) achieved a 30-day trailing APY of 3% APY at $5.5M TVL.
The stETH ARM achieved a 30-day trailing APY of 2.1% APY at $17.6M TVL.

In Case You Missed It

That’s all for our December update. With OUSD now routing USDC to our exclusive Morpho vault, APYs are beginning to increase meaningfully. Origin Dollar’s new design lays the foundation for further expansion beyond Ethereum mainnet, which we will share more details on in Q1. Additionally, we expect new ARM vaults to open to the public as further testing and audits are completed.

Here are some of our favorite pieces of content from December, in case you missed it:

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