Suppliers

USD3

Suppliers can permissionlessly deposit USDC to mint USD3. USD3 is a stablecoin-denominated yieldcoin (ERC-4626) backed by the pool of credit lines. USD3 has a senior claim on interest repayments from the pool and has real-time liquidity for withdrawals based on the market reserves. 85% of the pool.

sUSD3

Suppliers can also permissionlessly stake USD3 for sUSD3 (ERC-4626) which gives holders levered yield on the pool of credit lines while absorbing first-losses in the case of defaults, net recoveries. sUSD3 is subordinate debt to USD3 and has a cooldown period before it can be withdrawn for USDC. 15% of the pool.

USD3 is NOT a stablecoin. It is a yield-bearing asset with seniority and may suffer drawdowns in the case of excess defaults.