On April 15, two senior U.S. anti-inflation protection and foreign exchange derivatives sectors launched the dollar stablecoin USDi, which is valued by growth in the U.S. Consumer Price Index (CPI) since December 2024, according to Bloomberg. As of April 15, it was worth $1.00863.

According to Michael Ashton, who started his anti-inflation investment career at Barclays in the early 2000s, USDi is equivalent to the principal of TIPS, or in theory is similar to a resistant savings account (if any). "The real risk-free asset does not exist at the moment, that is anti-inflation cash. Holding cash is the right to choose future opportunities, and the cost of this option is inflation. If anti-inflation cash is created, it is the end of the risk line."

According to a statement from USDi Partners LLC, the token will have the same purchasing power value as the December 2024 US dollar. USDi will mint and destroy tokens at its marked value, which is the same as the principal of TIPS and will depend on the CPI of the day.

Although the government publishes CPI only once a month, it interpolates the daily value for TIPS investors to calculate accrued interest. The CPI value determines the index values ​​of TIPS and USDi with a two-month lag, which means that the December CPI corresponds to March 1, and the data has been released until May 31. The USDi value on April 15 is calculated by dividing the day's CPI (interpolated between January and February monthly values) by the December CPI, and the December CPI will always be the denominator in the formula.

USDi will be backed by a reserve fund managed by Ashton, who has been managing the Enduring US Inflation Tracking Fund for qualified investors since October 2021. The fund holds assets such as TIPS.