Overview

Earn yield from senior commodity-backed lending. Commodity trade finance has historically maintained default rates below 0.3%, with loans secured by physical cargo and repaid by pre-contracted offtakers. Pipeline lenders earn 8–12% net on senior tranches, with an average advance rate of 80% and originator equity cushions up to 30% on every deal. USDC principal sits in institutional custody with BitGo, while unallocated USDC is deployed into tokenised T-bills.

What you get

• Senior-tranche yield from real commodity trade loans, paid as offtakers settle
• Realised T-bill yield on unallocated USDC held as USYC
• Indicative blended return: 8–12% net of fees
• No lock-up — withdraw any time via the WithdrawalQueue
• Every loan on a public on-chain registry

Minimum deposit and limits

Minimum $1,000 USDC. Per-transaction cap $5M. 24-hour cap across your wallets $10M. No protocol-level maximum beyond these rate limits.

How yield reaches you

Yield arrives as fresh PLUSD minted into the sPLUSD vault. Share count stays constant; what each share is worth grows. There is no claim step, no restake, no compounding action.

Risks before you deposit

Capital is exposed to credit, liquidity, custody, smart-contract, governance, regulatory, and operational risks. Each enumerated with mitigation and residual in Potential risks. Default mechanics in Default management. Read both before depositing.