USDest & sUSDest 101

USDest is a synthetic dollar backed 1:1 by USDC, with reserves held in USDC and tokenized short-dated T-bill funds. sUSDest is the staked, yield-bearing vault token. Staking USDest mints sUSDest, which accrues yield from real-estate bond coupons and T-bill yield through its exchange rate.

• USDest = liquid, non-yielding, no bond exposure
• sUSDest = staked, yield-bearing, redeemed in epochs, exposed to bond credit risk, not a stablecoin

• USDest: approved institutions mint it with USDC. Everyone else buys it on supported DEXs or CEXs.
• sUSDest: stake USDest in the App, or buy sUSDest directly on a secondary market.

See Get / Stake.

Redeeming means burning USDest through the protocol's contracts to withdraw USDC at 1:1. This path is only available to approved institutions, and it has no price impact.

Swapping means exchanging USDest for another token, such as USDC, in a DEX liquidity pool. Anyone can do it and it is near-instant, but the rate depends on market conditions and pool depth.

See Contract Addresses. Only use addresses listed there.

No. The protocol cannot reverse transactions or move funds out of individual wallets. USDest and sUSDest contracts act on current onchain ownership and predefined rules, and they do not distinguish an original owner from a new holder. The team cannot intervene for lost keys, compromised wallets or unauthorised transfers.

Core contracts do have an emergency pause function for protocol-wide incidents, and the Foundation may be legally required to restrict sanctioned addresses. Neither can be used to recover funds for an individual user. See Vault operations execution. A pause never freezes token transfers: you can always send, receive and trade USDest and sUSDest, even while the protocol is paused.

From USDC coupons on real-estate bonds held by the vault, and from T-bill yield on the reserve backing USDest.

No. The bonds are ERC-3643 permissioned securities, and only verified identities can hold them. The vault's BondPositionManager is the allowlisted holder, and sUSDest is your claim on the vault.

The strategy multisig, within onchain guardrails: the reserve floor, the per-issuer cap and the timelocked bond allowlist. See Governance & Parameters.

1. Open Stake → Unstake in the App.
2. Submit your request (requestRedeem). It joins the redemption queue.
3. Requests are processed automatically at the close of each epoch.
4. Once your request is serviced, go to Portfolio → Redemption Requests and click Claim to receive your USDest.

The next epoch close is shown in the App.

Yes. A redemption request must be at least 1 sUSDest (MIN_REDEEM_SHARES). Smaller requests revert. The minimum exists so the queue cannot be flooded with dust requests that make servicing expensive for everyone. There is no maximum, and no limit on how many requests you may have open at once.

Requests are processed at fixed epoch closes. The epoch length is 30 days, so how long you wait depends on when you submit relative to the next close, and on available liquidity.

Redemptions are batched at each epoch close.

• Submit 1 day before the close, and your request is processed in 1 day.
• Submit 15 days before the close, and it is processed in 15 days.

In every case, requests are subject to available liquidity. If the reserve is exhausted, the rest carries into the next epoch.

Yes. Your shares stay exposed to the vault until your request is serviced, and they are redeemed at the redemption share price at that epoch close. That also means you bear any impairment recorded before then.

Yes, and no. Staking is always available and is unrelated to the queue. Your open request keeps its original submission time and its place in the FIFO order, and the newly staked sUSDest simply sits in your wallet. If you want to redeem that too, submit a second request — it becomes its own queue entry, ordered from when you submitted it, and is filled and claimed independently. You can have as many open requests as you like.

Not from the protocol. Instant exit is available by selling sUSDest on secondary DEX pools, at the market price.

sUSDest has two share prices. The deposit price includes coupon accrued but not yet received; the redemption price does not. See Deposit & Redemption Prices.

Redemption is governed by onchain contracts with predefined rules. Nobody approves individual requests, the queue order cannot be changed, and no one can selectively block a request. At epoch close, available USDest goes to requests in the order they were submitted.