Welcome to USD.estate
USD.estate gives capital providers liquid, transparent exposure to real-estate credit through two onchain instruments: a synthetic dollar and a yield-bearing vault token.
The protocol does not originate loans. It allocates capital between tokenized US Treasury bills and permissioned real-estate bonds issued by regulated securitisation and bond programmes, such as Luxembourg securitisation notes and Swiss-ISIN real-estate bonds. Bonds are held through an allowlisted onchain position manager on behalf of the protocol. They are selected against published eligibility criteria and held to maturity.
The result is a two-sided market. Issuers of institutionally structured real-estate bonds get access to a new onchain distribution channel. Depositors get yield that reflects the actual economics of senior real-estate credit and short-dated government debt, not token subsidies or trading fees.
Who these docs are for
- Depositors: capital providers who want yield-bearing exposure to real-estate bonds and T-bills through liquid, composable onchain instruments. Depositor Overview
- Issuers: real-estate securitisation vehicles and bond programmes that want to be considered for allocation from sUSDest. Issuers & Bonds
- Institutions: market makers and institutions that want to mint or redeem USDest directly against USDC. Institutions Guide
- Developers: technical readers evaluating the protocol architecture, smart contract design or integration surface. Technical Overview
How the Protocol Works
Approved institutions deposit USDC to mint USDest, a fully backed synthetic dollar. Anyone can hold, transfer or trade USDest on secondary markets. The USDC reserve behind USDest is partly held in tokenized T-bill funds. The yield those reserves earn does not go to USDest holders. It is harvested into sUSDest.
Yield seekers stake USDest to receive sUSDest. The sUSDest vault holds unallocated USDest and positions in allowlisted real-estate bonds. A strategy multisig moves capital between the two, but only within guardrails enforced onchain: a minimum liquid reserve, a cap per issuer, and a timelocked bond allowlist. Bond coupons and T-bill yield accrue into the exchange rate between USDest and sUSDest.
The Instruments
USDest
USDest is a fully backed synthetic dollar collateralized 1:1 by USDC. Reserves are held in USDC and in tokenized short-dated US Treasury bill funds. USDest does not accrue yield, and it has no exposure to any real-estate bond. It is a liquid, composable instrument: a stable unit of account across DeFi and centralised markets, and the entry point through which capital enters the protocol.
sUSDest
sUSDest is the yield-bearing counterpart to USDest and the protocol's credit instrument for capital providers. It is an ERC-4626 vault token with asynchronous ERC-7540 redemptions. It is not a stablecoin.
Yield comes from two sources:
- USDC coupons paid on the real-estate bonds held by the vault.
- Treasury bill yield earned on the reserves backing USDest.
Both streams accrue into the sUSDest exchange rate. Holders earn from the bond portfolio without selecting, subscribing to, or administering individual bonds.
Governance
The protocol is operated by the USD.estate Foundation, a Cayman Islands foundation company. Allocation decisions are made by a strategy multisig within onchain guardrails. Changes to those guardrails and to the bond allowlist go through a public timelock. No governance token has been issued. See Governance & Parameters.