Overview

Depositor Overview

USD.estate offers yield-bearing tokenized instruments backed by real-estate credit and US Treasury bills. Get USDest, stake it for sUSDest, and earn from the protocol's bond and T-bill portfolio.

The protocol has two native instruments: USDest, a non-yield-bearing synthetic dollar, and sUSDest, its yield-bearing counterpart. No governance token has been issued.

USDest

USDest is a synthetic dollar backed 1:1 by USDC. Its reserves are held in USDC and tokenized short-dated T-bill funds. Approved institutions mint it with USDC and redeem it for USDC. Everyone else acquires it on secondary markets.

USDest does not accrue yield. It is the entry point to the rest of the protocol: use it to move between DeFi positions, settle transactions, or hold before converting to sUSDest. Read more.

sUSDest

sUSDest is the yield-bearing version of USDest. Deposit USDest into the vault and receive sUSDest in return.

Yield from the bond portfolio and the T-bill reserve shows up in the sUSDest exchange rate. There is nothing to claim; yield compounds into the token's NAV.

sUSDest yield has two sources:

1. Real-estate bond coupons: USDC coupons paid on the ERC-3643 bonds held by the vault.
2. Treasury yield: T-bill yield on the reserve backing USDest, including the USDest held unallocated inside the vault, is harvested into sUSDest.

Using USDest and sUSDest across DeFi

Holding is the simplest option. As integrations go live, there are more ways to put USDest and sUSDest to work:

• Hold: sUSDest accrues yield automatically, with no claiming or other action required.
• Supply as collateral: use sUSDest on money markets that list it, priced by an oracle based on the redemption share price.
• Trade fixed yield: if a third-party yield-tokenization market ever lists sUSDest, fixed- and variable-rate exposure becomes possible. None is listed today.
• Provide liquidity: add USDest/USDC or sUSDest/USDest liquidity to DEX pools and earn trading fees on top of base yield.
• Exit instantly: sell sUSDest on a DEX pool at the market price instead of waiting for an epoch.

Governance

The USD.estate Foundation operates the protocol. A strategy multisig allocates between the reserve and allowlisted bonds within onchain guardrails, and parameter changes go through a public timelock. Read more.

Getting Started

• USDest: backing, minting, redemption and market access
• sUSDest: staking, yield, share pricing and redemptions
• FAQ: common depositor questions
• Get / Stake guide: step-by-step in the App