About this explorer

The Rails Ebisu explorer shows every Trove that has minted ebUSD on Ethereum, whether still open or closed, and the full history of each one. It also shows the five branches that hold the Troves, with their terms and the order in which redemption reaches them.

How it works

• Ebisu Money is a lending protocol on Ethereum. A borrower deposits collateral, an asset that backs the loan, from their wallet (an account address) and mints (creates) ebUSD against it. One loan is a Trove, and it is the unit on every page here.
• Ebisu keeps one branch for each of five collateral tokens: weETH (staked ether), sUSDe and stcUSD (yield-bearing stablecoins), WBTC (wrapped bitcoin) and LBTC (another bitcoin token). A Trove's collateral ratio is its collateral value divided by its debt. Each branch sets a minimum: 120% for weETH and WBTC, 115% for sUSDe and stcUSD and 135% for LBTC.
• Governance, the holders who vote on Ebisu's rules, can change a minimum. Each past liquidation is checked against the minimum that applied at the time, not today's. For example, weETH's minimum was 128% until 4 January 2026, and WBTC's was 132%.
• The borrower of each Trove sets its own interest rate. A higher rate keeps the Trove further from redemption. A redemption swaps ebUSD for one dollar of collateral and takes it from the lowest-rate Troves first. This holds ebUSD near one dollar.
• When a Trove's collateral ratio falls below the minimum, a liquidation closes it. The branch's Stability Pool pays off the debt with ebUSD that other users deposited, and those depositors receive the collateral. The borrower keeps the ebUSD but loses the collateral. If the pool cannot cover the whole debt, the rest is redistributed across the branch's other Troves. Drawing ebUSD, at opening or later, also charges an upfront fee, which is added to the Trove's debt.

Glossary

Trove

: A Trove is a loan backed by collateral and linked to an Ethereum address. The borrower deposits collateral, mints ebUSD against it and repays the ebUSD to recover the collateral. One address can hold several Troves. Docs: How Ebisu works

ebUSD

: ebUSD is the stablecoin that Ebisu lets borrowers mint against their collateral. Redemptions keep its price near one dollar. Docs: How Ebisu works

Branch

: A branch is the part of Ebisu that handles one collateral type. Each branch has its own Troves, its own Stability Pool and its own minimum collateral ratio. Docs: Borrowing ebUSD, Earning ebUSD yield

Collateral ratio

: The collateral ratio is the value of a Trove's collateral divided by its debt. A ratio of 150% means the Trove holds $150 of collateral for every $100 of debt. Docs: How Ebisu works

Minimum collateral ratio

: Each branch sets a minimum collateral ratio. A Trove whose ratio falls below the minimum of its branch can be liquidated. Docs: How Ebisu works, Borrowing ebUSD

Interest rate

: The borrower of each Trove sets its annual interest rate, and the interest is added to the Trove's debt. A lower rate costs less and puts the Trove earlier in the redemption order, which means it is redeemed sooner. Docs: Borrowing ebUSD

Redemption

: A redemption lets any ebUSD holder swap ebUSD for one dollar of collateral per ebUSD, minus a fee. The swap repays debt in the Troves with the lowest interest rates first, so the redemption order is the Troves sorted by interest rate, lowest first. Docs: How Ebisu works

Liquidation

: A liquidation closes a Trove whose collateral ratio has fallen below the minimum. The branch's Stability Pool pays off the Trove's debt with its ebUSD, and the pool's depositors receive the Trove's collateral. The borrower keeps the ebUSD that was minted and loses the collateral. Docs: How Ebisu works, Earning ebUSD yield

Stability Pool

: A Stability Pool holds ebUSD deposited by other users for one branch. In a liquidation the pool uses its ebUSD to cancel the Trove's debt, and the depositors receive the collateral with a 5% bonus. Docs: Earning ebUSD yield

You can search by Trove id, collateral or owner. The listing filters by Status, Collateral, Debt (ebUSD), Collateral (USD) and Transactions, which keeps the Troves whose number of transactions falls in a range you choose, and sorts by Recent activity, Collateral, Debt (ebUSD) or Interest rate.

Tap the (i) beside any figure to see where it comes from. Inside, the ? explains that kind of event in general.