The stablecoin platform Usual has formed a collaboration with the blockchain security company Sherlock to unveil an impressive $16 million bug bounty, now the largest in the sector, outpacing Uniswap’s previous record of $15.5 million.

This initiative, as reported by The Block, is specifically designed to uncover critical vulnerabilities within Usual’s codebase. The bounty, which is made available through Sherlock’s platform, will specifically reward only those discoveries that represent a clear risk of losing or freezing funds for more than a year, without any external stipulations.

Usual has already undergone a thorough examination of its code, undergoing 20 audits, including a recent contest hosted by Sherlock that featured a prize pool of $209,000, during which no vulnerabilities were detected.

The trend of high-value bug bounties is gaining momentum in the cryptocurrency security space. For instance, Sonic Labs recently partnered with Immunefi to create a $2 million bug bounty, while Compound Finance also rolled out a $1 million bounty program in conjunction with Immunefi.

In November 2024, Uniswap Labs introduced its $15.5 million bug bounty, which was previously considered the largest in the industry. However, with Usual’s announcement, this new $16 million bounty now takes that title.

With over $880 million in total value locked (TVL), Usual’s record-setting bounty reflects a significant commitment to ensuring the security of its platform, as discussed in the report.