June 2026 Token Holder Update

Summary

Welcome back to Origin’s monthly Token Holder Update. Cumulative OGN buybacks crossed 100 million tokens in June, purchasing over 14% of circulating supply since the program began. The sUSDe ARM opened for public deposits, extending Origin's arbitrage framework to yield-bearing stablecoins for the first time. OUSD continued earning above 5% APY, and Origin's ecosystem expanded through new integrations across Pendle, Morpho, Fusion by IPOR, and OpenCover.

Let’s dive into the key developments from June below.

Origin Token (OGN): 100 Million OGN Bought Back and Growing

Cumulative OGN buybacks have now crossed 100 million tokens, representing approximately 14.6% of circulating supply acquired since the program began. 5.5 million OGN was bought back in June, with annualized buybacks pacing at 67.5M OGN. 100% of net protocol fees from Origin’s product suite are routed to OGN buybacks. As protocol revenue grows across OETH, Super OETH, OUSD, and the ARM Vaults, buyback volume grows with it.

Here are some metrics as of July 2026:

47.5% of circulating OGN supply is currently staked as xOGN
Max locked xOGN stakers are earning 11.5% APY
Daily protocol fees peaked at ~$10,500 on June 5th

Ethena x Origin: sUSDe ARM Now Open for Public Deposits

Ethena's yield-bearing stablecoin sUSDe has gained meaningful adoption with $1.7B in total value locked and 11,000+ global users. Origin now supports sUSDe peg stability through the sUSDe ARM, allowing depositors to earn yield from passive arbitrage of sUSDe.

When sUSDe trades at a qualifying discount on secondary markets, the ARM sells USDe for sUSDe, initiates Ethena's redemption process, and receives USDe when the redemption settles. Between arbitrage cycles, idle USDe routes to Aave V3, which serves as base yield for depositors. The current trailing 30-day APY is 3.64%. Yield scales with market conditions: wider sUSDe discounts produce higher returns, and lending rates set the floor when spreads compress.

The sUSDe ARM is the first ARM Vault applied to a yield-bearing stablecoin. The same framework that has processed over $3 billion in volume across stETH and eETH now applies to sUSDe, extending the ARM model to an asset class beyond liquid staking. The ARM is audited by OpenZeppelin and yAudit, implements zero fees on Aave lending yields, and processes withdrawals with a 10 minute delay when the vault has available liquidity.

Explore the sUSDe ARM on the Origin Dapp.

Ecosystem Updates: Morpho, Pendle, and Beyond

June brought updates across several integrations in the Origin ecosystem:

Pendle wOUSD Market: LP incentives are live for wOUSD on Pendle, with liquidity providers earning up to 16.5% APY from trading fees and incentive emissions. PT-wOUSD locks in 4.3% fixed APY on stablecoin yield through December 16, 2026; YT-wOUSD gives leveraged exposure to OUSD's variable rate.
Morpho OETH/USDC Market: The OETH/USDC market on Morpho reached $10M in size at a current 90% utilization. Borrow Booster routes OETH staking yield to borrowers via Merkl, keeping net USDC borrow rates structurally low against OETH collateral, currently at 1.9% net borrow APR.
Morpho wOUSD/USDC Market: wOUSD is available as collateral on Morpho, curated by Yearn and Clearstar, allowing OUSD holders to borrow USDC against their wOUSD position without unwinding their yield-earning exposure.
wOUSD Leverage Loop Fusion Vault: The wOUSD Fusion Vault by Ipor automates leveraged exposure to OUSD yield. The vault deposits wOUSD as collateral on Morpho's wOUSD/USDC market, borrows USDC, converts to additional wOUSD, and loops automatically based on borrow rates relative to underlying APY.
Covered Vault for eETH ARM by OpenCover: OpenCover launched a covered vault for eETH ARM depositors, giving LPs the option to protect their position against smart contract and liquidity risks.

Product Metrics

Here's how Origin's products performed in June:

Origin Ether (OETH): trailing 30-day APY of 2.35% at $41M in TVL
Super OETH (superOETHb): trailing 30-day APY of 2.57% at $16.5M in TVL
Origin Dollar (OUSD): trailing 30-day APY of 5.1% at $6.8M in TVL
stETH ARM: trailing 30-day APY of 3.76% at $5.8M in TVL
eETH ARM: trailing 30-day APY of 3.13% at $4M in TVL
sUSDe ARM: trailing 30-day APY of 3.64% at $30K in TVL

In Case You Missed It

In case you missed it, here's some of our content highlights from June:

As always, we invite you to join our community on Discord and follow Origin Protocol on X for ongoing updates.