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USD3 and sUSD3 fund credit assets that are longer-dated than instant redemption, while suppliers can request redemptions sooner. This page sets out that liquidity profile and the tools that manage it.
USD3 redeems up to the tranche ratio.
sUSD3 has a 1-month lock, then a cooldown and withdrawal window.
See Suppliers for the full tranche mechanics.
Cash buffer. Idle USDC is held in Aave and is instantly available for redemptions.
Self-liquidating assets. The underlying receivables are short-duration — principal and interest return continuously as loans amortize, steadily refilling available cash.
Secondary markets. USD3 / sUSD3 can be traded to exit ahead of primary redemption.
Committed liquidity facilities (roadmap). On-demand liquidity facilities — the role liquidity enhancement plays in a traditional ABCP conduit — layered on top of the cash buffer and secondary markets.
The cash buffer introduces some yield drag, which $JANE incentives are sized to offset.
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