
What Is Lybra Finance (LBR)? eUSD Stablecoin + LSDfi Guide 2026
Lybra Finance pioneered the LSDfi category in 2023 by turning Lido stETH into eUSD, an interest-bearing over-collateralized stablecoin that pays roughly 5% yield to every holder. With Lybra V2 the protocol expanded to multi-chain via peUSD, the cross-chain wrapped version. LBR is the governance token, esLBR the vested boosted-rewards version, and a 1.5% annual service fee on circulating eUSD funds protocol revenue. This 2026 evergreen guide covers how the mint flow works, the 70% TVL crash, comparison vs DAI, USDe, FRAX and GHO, peUSD multichain expansion, esLBR vesting, risks, and step-by-step usage.










