For earners
Supply dollars. Earn what borrowers pay.
What the pool paid
A realised figure, with the arithmetic attached.
Not a target, not a forecast, and never an “up to”. This is what the last thirty days actually produced.
30-day realized yield
9.1%
Realised, not offered.
How the 30-day realized yield is computed
realized yield = pool share × average borrower rate × total debt ÷ pool size9.1% = 0.9 × 7.6% × $24.50M ÷ $18.42MDepositors are paid the interest borrowers actually paid, nothing else. In phase 1, 90% of interest goes to the Stability Pool, 10% to fyUSD liquidity, 0% to a treasury.
This figure is history over the last 30 days. It moves with the average rate borrowers choose and with the size of the pool, and nobody promises it.
- Average borrower rate
- 7.6%
- Pool size
- $18.42M
- Structural floor at the current average rate
- 6.8%
Debt-weighted.
61.2% of fyUSD supply.
The pool is capped at the size of its branch's debt, so the debt-to-pool ratio has a floor of one.
It is a ratio, not a level.
The figure depends on exactly two things: the average rate borrowers choose, and the ratio of total debt to pool size. Nothing else enters it. That makes it invariant to how large the protocol becomes, and to any single depositor leaving. Both terms move together.
| Regime | Shape | Debt ÷ pool |
|---|---|---|
| Early, small pool | debt well above the pool | 2.5× |
| Cruise | the shape the design targets | 1.8× |
| Oversubscribed pool | more depositors than borrowers | 1.1× |
If borrowers settle on paying little, depositors earn little, and that is what will be displayed here.
Two ways in
Take the collateral, or let it be sold for you.
One pool per branch. Depositing into the SPY pool means taking SPY liquidations and being paid by SPY borrowers.
Withdrawing is never pausable
Withdrawing from a Stability Pool, redeeming sfyUSD, and claiming collateral are blocked in no state, by no role, the Closer key included. The functions that would allow it are absent from the contracts.
sfyUSD, the ERC-4626 wrapper
The ordinary route. Yield compounds into the share price. Collateral received from liquidations is sold for you and redeposited, so you never handle a certificate unless you ask to. One wrapper per pool, and it is an ordinary ERC-4626 vault that any other protocol can integrate.
0% management fee, 0% performance fee. No lock and no cooldown. One transaction in from USDG, at 0.05%.
Direct deposit into the pool
If you want the certificates. Liquidation gains stay in kind: you receive the actual tracker certificates and claim them yourself, with no obligation to sell and no deadline to do it. Choose this if being handed index exposure during a crash is the outcome you want.
Collateral claims are never blocked, in any state. You decide when and whether to sell. Same interest share as the wrapper.
The split
Ninety per cent to you. Zero to a treasury.
In phase one the development company takes nothing. That changes only when total debt passes $25.00M, at which point the split moves to 75.0% for depositors and 15.0% for the company.
That switch is a one-way latch triggered by a debt threshold read on chain, not a decision anyone makes. It costs depositors roughly 1.35 points of yield on the day it fires. We put that here from day one instead of announcing it afterwards.
| Destination | Phase 1 | Phase 2 |
|---|---|---|
| Stability Pool depositors | 90.0% | 75.0% |
| fyUSD liquidity incentives | 10.0% | 10.0% |
| Development company | 0.0% | 15.0% |
What you are taking on
Stated at the same size as the yield.
These are not edge cases. They are the mechanism you are being paid for.
fyUSD is not electronic money, not a bank deposit, and not covered by any compensation scheme. No entity guarantees its value or undertakes to redeem it at a dollar. Current book: $24.50M of debt, 212 borrowers, 0 liquidations this month.
You buy collateral while it is falling
A liquidation burns your fyUSD and hands you certificates whose price has just dropped. If the fall was steep enough that the position went below 105% before anyone could act, the collateral is worth less than the debt burned and the pool takes the difference.
Every tier 1 pool moves together
The broad-index branches are close to the same asset. A crash stresses all of them at once. Depositing across several tier 1 pools is not diversification, and treating it as such is the most likely way to be surprised here.
There is no backstop that cannot run out
A backstop contract funded from a coded share of the interest flow absorbs small bad debt, capped at 2% of total debt. It can be empty. Beyond it, remaining bad debt is redistributed across the surviving positions of that branch. Branches are isolated from each other, and that is the whole protection.
Where does the yield actually come from?
From borrowers, and only from borrowers. Interest payments, origination fees, rate-change fees and peg-module fees are minted straight into the Stability Pool as they accrue. They are not bought on a market, not emitted, and not funded from a treasury.
The yield is paid in dollars, from interest, and depends on nothing else. The symmetry is worth stating plainly: if borrowers pay little, depositors earn little.
What am I actually taking on?
You are the counterparty to liquidations on your branch. When a position is liquidated the pool burns some of its fyUSD and receives the seized collateral plus a bonus, so your deposit shrinks in fyUSD terms and grows in collateral terms.
If the seized collateral is worth less than the debt burned (a fall steep enough that a position drops below 105% before anyone can act), the pool absorbs the loss. That is the job the yield pays for. It is not a fee for holding a token.
Are the pools correlated?
Yes, and heavily. SPY, QQQ and the other broad-index branches are close to the same asset. A crash stresses every tier 1 pool at the same moment, which is precisely when your deposit is being converted into falling collateral. Spreading across tier 1 pools diversifies almost nothing, and this page will not suggest that it does.
Is there a lock-up?
No. No lock, no cooldown, no notice period, no performance fee and no management fee. A round trip from USDG into the wrapper and back out to USDG costs 0.25% in peg-module fees, and nothing else. Withdrawing is never pausable, by any market state or by any key, the Closer key included.
What happens to the collateral the pool receives?
It depends how you deposited. If you hold sfyUSD, the wrapper hands its share to a sale contract that sells it for fyUSD at the oracle price minus a discount which ramps from zero to 3% over six hours; the proceeds are redeposited into the pool, and you never touch a certificate. If you deposited into the pool directly, you keep the collateral in kind and claim it yourself whenever you want.
Those sales happen only during a live session, never on a stale price, and are capped per hour by measured market depth.
Is there a cap on deposits?
Yes. $100.0K per address for the first 90 days, and $3.00M across the pool in phase one. When a pool is at its cap, new deposits are refused. Withdrawals never are.