For lenders — overview
Pipeline is a credit facility that finances vetted commodity trade deals and pays the senior coupon, plus T-bill accrual on idle reserves, to on-chain lenders. Entry is permissioned — every lender wallet passes KYC and Chainalysis screening before it can deposit.
Minimum deposit
The minimum deposit is $1,000 USDC. There is no maximum at the protocol level, though individual allocations may be capped during subscription windows.
Safety property
No off-chain signer gates your deposit. The on-chain USDC movement to the Capital Wallet is itself the attestation — a compromise of any single operator mints zero PLUSD.
Start here
Onboarding
KYC, whitelist, 90-day Chainalysis freshness, and what we cannot serve.
Deposit & stake
USDC → PLUSD in one atomic transaction; stake into sPLUSD to earn.
Withdraw
Unstake, queue, and claim USDC atomically from the withdrawal queue.
Dashboard
What you can see on-chain, and what you can verify independently.
Where your yield comes from
Two engines feed the sPLUSD vault. The first is the senior coupon paid by borrowers on drawn trade-finance loans. The second is T-bill accrual on the USYC reserves that back undrawn PLUSD. Both engines route through a two-party-attested yield mint, so no single operator can inflate the share price.
Read the full mechanics at How it works — yield engines.
What can go wrong
Your capital is exposed to loan defaults, liquidity delays at the withdrawal queue, custodian operational failure, smart-contract risk, governance failure, regulatory action, and operator error. Each of these has a dedicated page explaining the mitigation and the residual risk you carry.
Read the full breakdown at Risks and Defaults and losses.
See also: How it works · Security · Glossary