Bridged USD Coin (Orbit Bridge)

OUSDC (Bridged USD Coin via Orbit Bridge) is currently a distressed, 'zombie' asset following the catastrophic security exploit of the Orbit Bridge on January 1, 2024. The project's fundamental value proposition—a 1:1 backed stablecoin—was destroyed when attackers drained approximately $81.5 million from the bridge's vaults, removing the USDC collateral. Consequently, OUSDC trades significantly below its peg (approx. $0.30) with no immediate path to repegging. Active development has effectively ceased as the team (Ozys) focuses on legal recovery rather than technical upgrades. Security is rated at zero due to the multisig compromise that facilitated the theft. While the team is public, their credibility is severely damaged by a history of exploits across their product suite (including Belt Finance and KlaySwap). Community sentiment is overwhelmingly negative, centered on grievance redressal. With no current utility, superior competitors like Circle's native CCTP, and a lack of financial backing, the token represents a failed stablecoin.