Summary
We did not find any critical issues in the codebase. Yet, we recommended testing cUSDO deposits, transfers and withdrawals with intermediate multiplier changes in USDO very carefully. All raised issues were addressed accordingly.
In summary, we find that the codebase provides a high level of security as most critical operations are access-controlled and should have additional off-chain procedures to ensure the security of the system. However, it is important to note that security audits are time-boxed and cannot uncover all vulnerabilities. They complement but don't replace other vital measures to secure a project.
About USDO
OpenEden implements a USD stablecoin called USDO and a wrapper contract (acting as a vault) for it called cUSDO. The stablecoin will be backed by yield-earning U.S. treasury bills.