denar

The Denar dollar

A dollar whose reserve works for you.

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.

The contracts are written and tested — and the dollar deliberately ships after the markets it pays from. Until then, the place to be is the markets themselves: Denar Points earned now carry priority access to the first minting window.

Start in the markets→Read the design

How it works

One dollar in, one dollar out — the yield is a choice.

  1. 01

    Mint, one for one

    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.

  2. 02

    The reserve goes to work

    Treasury dollars are spread across tokenized T-bills (SGOV), the Denar lending vault, and a liquid buffer that always stays home for redemptions.

  3. 03

    Stake for the yield

    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

dUSD

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.

  • · Minted and redeemed 1:1 against USDG
  • · Redemptions draw on a buffer that refills itself from the reserve
  • · Not the vault share — dnUSDG, the lending vault's token, is a different thing
Lend USDG meanwhile→

The staked dollar

sdUSD

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.

  • · Standard vault share (ERC-4626) — unstake any time
  • · Rewards drip linearly, so there is no distribution to snipe
  • · The yield of the whole reserve, concentrated on those who opt in
Earn points for priority→

The reserve

Three places a treasury dollar can be.

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.

Liquid USDG buffer

A floor of the reserve stays as plain USDG, so ordinary redemptions never wait on anything. Below the floor, the treasury refuses to invest.

Denar lending vault

Part of the buffer earns borrower interest in the same vault lenders already use. Redemptions unwind it automatically when the liquid buffer runs short.

Tokenized T-bills (SGOV)

The 0–3 month US Treasury token on Robinhood Chain. Dividends are reinvested through the token's own multiplier; the reserve values scheduled decreases immediately and upside only once it is paid.

Built like the markets

The same discipline, applied to a dollar.

  • ✓Always redeemable at one dollarRedeeming burns dUSD against the treasury's own book — the exit does not depend on a pool having depth that day.
  • ✓Conservative valuationThe reserve never counts a dividend before it is paid, and prices a scheduled reverse split the moment it is announced.
  • ✓Retained equity before payoutsYield is only distributed above a retained cushion sized to the risky side of the reserve — never down to the last cent.
  • ✓Rate-limited operationsReserve rotation is capped per day and bounded against the Chainlink price, so no single operator key can bleed the book.
  • ✓Corporate-action awareWhile SGOV is processing a dividend or split, valuation and distribution pause — the same discipline the lending markets keep.
  • ✓Verified on-chain, testedFour contracts behind a 63-test suite and two adversarial review rounds — deployed verified on-chain, like every live Denar contract.

Why not today

The dollar ships after the markets it pays from.

sdUSD's yield is borrower interest from these lending markets — launching the dollar before the markets have depth would mean launching a dollar with nothing behind the rate. So the order is deliberate: the markets first, the dollar on top. Using them now is not waiting — Denar Points earned today carry priority access to the first minting window.

Start in the markets →dUSD docs ↗