What you can receive
Every asset the protocol can hand you, in which role, and under what conditions — fyUSD, USDG, stock tokens, and surplus collateral.
Four assets can end up in your wallet from Fyber. Knowing which one arrives, and when, is the difference between a product you understand and a surprise.
fyUSD
The stablecoin. ERC-20, 18 decimals, with permit support. No rebase, no transfer fee, no blacklist, no flash loan, no owner.
You receive it when you borrow, when you withdraw from a Stability Pool, when you redeem sfyUSD shares, and when you swap USDG at the PSM.
Risk
fyUSD is not electronic money, not a deposit, and not guaranteed by anyone. Its value rests on the collateral behind it and on two arbitrage doors: the PSM, which holds a ceiling near $1.0005 and a floor near $0.998, and redemption during market hours. Neither is a promise of a fixed price.
Rules R-2.1.1, R-8.4.1, R-15.4.1 (5)
USDG
Paxos's dollar stablecoin, the only asset the PSM accepts. You receive it when you swap fyUSD out at the PSM, and when you exit sfyUSD through the router.
There is no USDG price oracle in the protocol. The exposure is bounded by a single number: PSM-minted fyUSD can never exceed 30% of total supply, and that cap never rises. If USDG loses its peg, the Closer can freeze PSM entry for at most 72 hours while it exists; the exit is never freezable, in any circumstance.
Rules R-2.3.1, R-8.6.1, R-8.2.1
Stock tokens
The collateral itself. Three ways it comes to you.
As a borrower, when you close or reduce. Withdrawal, closure and surplus claims all return raw tokens.
As a Stability Pool depositor, from a liquidation. You receive the seized collateral plus the liquidation bonus, in kind, claimable at any time:
| Tier | Base bonus | Bonus if the seizure is large relative to market depth |
|---|---|---|
| Tier 1 | 5% | up to 9% |
| Tier 2 | 7% | up to 11% |
The bonus is bounded at 15% in all cases, and is reduced in the states where the price is less certain. If a position's collateral is worth less than the debt plus bonus, the seizure is capped at the collateral available and the pool takes the shortfall.
Rules R-6.4.2, R-6.2.2, R-9.3.1
As an sfyUSD holder, when a lot is large. Normally the wrapper sells collateral for you. If the inventory awaiting sale exceeds 20% of the vault's assets, redemptions deliver the excess in kind, pro rata. redeemInKind gives the exact pro-rata mix on demand.
Rule R-9.5.6
Risk
Receiving a stock token means holding a tracker certificate issued by a company incorporated in October 2025 and transferable only on Robinhood Chain. Read Nature of the collateral before you accept in-kind delivery.
Surplus collateral
After a full liquidation, a full redemption, a closure or a post-shutdown settlement, whatever collateral was not consumed sits under your address in a surplus balance.
Guarantee
claimSurplus() is never blocked, never expires, and works after a branch has shut down and after
the protocol has entered Sunset. There is no deadline by which you must claim.
Rules R-1.1.9, R-6.9.4, R-12.5.5
Buying collateral from the protocol
Two contracts sell stock tokens permissionlessly, to anyone, and both are worth knowing about if you want the exposure at a discount.
CollateralSale holds the sfyUSD wrapper's liquidation gains. buy(collAmount, maxFyIn) pays fyUSD at oracle price minus a discount that ramps from 0 to 3% over six hours and then holds at 3% until the lot clears. It operates only when the branch has a fresh official price, is capped at measured depth per hour and a quarter of it per transaction, and the proceeds go straight back into the pool.
Backstop.sellCollateral does the same with residual collateral from bad-debt events, at oracle price minus 3%, and only on a fresh official price.
Rules R-9.5.4, R-6.8.2
What you can never receive
- A governance right, a vote, or a claim on any company, foundation or person. fyUSD and sfyUSD are balances produced by contracts and carry none of those.
- A share, a dividend, or a shareholder right. The collateral is a certificate, not equity.
- A payout from an insurance fund. There is none.
- Interest on fyUSD you simply hold. Yield exists only inside the Stability Pool; a fyUSD sitting in your wallet earns nothing, by design, so that no risk-free holding premium can build up.
Rules R-15.4.1 (7), R-10.6
Last reviewed: 2026-09-07 · Spec v0.4
Withdraw
Getting out of the Stability Pool or out of sfyUSD — in fyUSD, in USDG, or in kind. What is never blocked, and the one case where you receive stock tokens.
Swap fyUSD and USDG (PSM)
The peg stability module — a fixed-price door in both directions, available 24 hours a day, whose exit nobody can close.