TVL & Liquidity

Questions about reserve liquidity, TVL changes and secondary markets.

USDest supply changes when approved institutions mint or redeem with USDC. sUSDest TVL changes with deposits, epoch redemptions, coupon and T-bill yield, and any impairment of a bond position.

From USDest held by the vault, which is backed by USDC and T-bills. It is refilled by new deposits, bond coupons, principal repayments and maturities, and base-yield harvests. Bonds are never sold early. See Redemption Liquidity Design.

Sell sUSDest for USDest, or USDest for USDC, in a secondary DEX pool. The price may differ from the redemption share price, especially when demand to exit is high.

See Dashboards and Proof of Reserves. They show the vault liquidity ratio against the reserve floor, and each issuer's exposure against the per-issuer cap.

USD.estate runs on Base. The reserve, the sUSDest vault, the bond positions and the redemption queue all live on Base, and USDest and sUSDest are Base tokens. There is no cross-chain bridging.