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Apologies for noob question, but want to see if

my understanding is correct - converting a stablecoin, say USDC to OUSD at the OUSD website gives me OUSD in my wallet, which automatically rebases without me doing anything. The approximate, though varying, yield is now at about 26%. I can swap OUSD back to USDC later using Curve or Uniswap for example, if I wish. Is all of this correct?

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You nailed it. That is how it works.

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