Deposit USDC and mint USDx, a dollar that earns from real world private credit. Its price ticks up as coupons land. Hold it, trade it, or LP it anywhere in DeFi.
USDx is the product today. It wraps a real world credit note as a dollar you can use anywhere. The junior tranche is a separate, higher yield layer that stands first in line for losses. We design for it now and deploy it later.
An ERC-4626 dollar. Deposit USDC, mint at the current rate, and the price only ticks up as the note's coupon accrues, roughly one dollar toward 1.06 over a year. It never rebases, like sUSDe, so it drops straight into Curve, Pendle and money markets.
Stake USDx to take credit losses first and earn the residual spread, with a short cooldown on exit. It is the higher yield layer, an onchain version of the capital that sits beneath the note.
The credit note is the only backing. Coupons land, a signed oracle marks them, and the USDx price moves. It never rebases.
Mint USDx at the current price per share. The primary is gated and always screens for sanctions.
Your capital subscribes the senior credit note, a fixed coupon on short duration private credit that has been diligenced.
Signed NAV reports mark the note onchain. The USDx price per share ticks up and never rebases.
Sell USDx into the liquidity pool at market, or redeem at NAV through the queue matched to the note's terms.
We never promise liquidity the backing cannot deliver. Allocation, NAV, and the redemption path are all visible. Figures are illustrative.
An illustration of the primary path. No wallet and no live contracts. The numbers just show the mechanics.
Built for its final shape from day one, so each phase is a parameter change.
Mint USDx against the credit note. Gating live, points live, price ticking up with the coupon.
nowjUSDx activates the first loss layer and a liquid USDx pool becomes the everyday exit.
nextPendle, money markets, deeper DEX liquidity and more chains. USDx wherever DeFi prices yield.
later