A risk-minimised USDC-pegged crypto asset backed by an underlying basket of USD stablecoins
What is USD+?
USDC+ is one of the main tokens of the protocol, ERC20. It’s a rebase token, fully collateralized with assets that can be instantly converted into USDC.
A rebase token can experience Profit (positive rebase) when the collateral value exceeds 100% and Loss (negative rebase) when the collateral value falls below 100%. Please note that you assume the risk of all protocols in the USDC+ Collateral. Profit payouts occur through daily rebasing, providing transparent balance and P/L visibility.
The pegging mechanism is based on the ‘NAV of 1’ policy (“Net Asset Value”), i.e. market value of assets equals the amount of USD+ in circulation. This is achieved by:
Conservative risk management aims to avoid daily losses by building a diversified portfolio of highly conservative DeFi Investments
Daily distribution of profits in the form of a rebase to USDC+ holders; all yield collected by the USDC+ reserves are distributed to USDC+ holders directly by increasing their wallet balance once a day
Use a liquidity index reflecting the current ratio of the number of issued USDC+ tokens to the volume of assets on strategies (Strategy), expressed in USDC.
Internally, balances are stored in RAY (using WadRayMath), which allows you not to worry about the accuracy of working with balances when mint / redeem / balanceOf. The liquidity index is adjusted when the payment process is started on Exchange.payout() on behalf of Exchange. Access to mint() and redeem() is only available to Exchange.
The external function exchange() make it possible to get the current Exchange address for making mint/redeem.