The Denar dollar
dUSD is minted one-for-one against USDG and stays redeemable one-for-one, always. Behind it, the treasury holds tokenized T-bills and lends into Denar's own markets — and every cent that earns goes to holders who stake it as sdUSD.
Live as a capped pilot: the treasury mints up to its pilot cap, the cap steps up as the reserve proves itself.
Live · capped pilot
The dollar
Deposit USDG, receive the same number of dUSD. Redeem any time; the treasury pays from its own buffer and unwinds its lending position in the same transaction when it must.
The treasury redeems what it minted, from what it holds liquid plus what the lending vault can pay in the moment: that is the “redeemable now” figure above.
The staked dollar
Stake dUSD into sdUSD and every harvest raises what a share is worth. Rewards vest over seven days; unstake whenever you like, no lock, no cooldown.
Estimated APY —
An estimate, recomputed from the reserve, the staked supply and the $DENAR price as they are now; the rewards leg falls as more dUSD is staked and moves with the price. “Paying now” is the distribution vesting this week, annualised.
How it works
Deposit USDG and receive the same number of dUSD. No price to check, no curve to cross — the treasury holds your dollar and owes it back.
Treasury dollars are spread across tokenized T-bills (SGOV), the Denar lending vault, and a liquid buffer that always stays home for redemptions.
dUSD itself never pays interest. Stake it into sdUSD and everything the reserve earns is dripped to stakers over seven days, block by block.
The dollar
A plain, transferable dollar. Hold it, trade it, post it, pool it — and redeem it for USDG at the treasury whenever you like. It never rebases and never pays interest, which is exactly what makes it composable everywhere.
The staked dollar
Stake dUSD and hold sdUSD, a vault share that only ever goes up in dUSD terms. T-bill income, lending interest, mint and redeem fees — the whole of the reserve's earnings vest to stakers smoothly over seven days.
The reserve
Every dUSD is matched by at least a dollar of reserve. The treasury's only job is deciding how much of it sits ready, how much lends, and how much earns the T-bill rate — inside limits the contracts enforce, not policies anyone has to remember.
A floor of the reserve stays as plain USDG, so ordinary redemptions never wait on anything. Below the floor, the treasury refuses to invest.
Part of the buffer earns borrower interest in the same vault lenders already use. Redemptions unwind it automatically when the liquid buffer runs short.
The 0–3 month US Treasury token on Robinhood Chain. Dividends are reinvested through the token's own multiplier; while any change is scheduled the treasury waits for the feed to reflect it, and upside is counted only once it is paid.
Built like the markets
The pilot
The treasury opens with a hard cap on what it mints. The cap steps up as the reserve, the keeper and the lending markets behind sdUSD prove themselves in public — the same way the markets' own caps did. Every parameter, every raise, on-chain.
