USD*
Liquid Saving Token
What is USD*
Perena offer a liquid saving token for stable liquidity on solana with usd*
In the early days, USD* was simply a receipt token from the Seed Pool: a deep, auto-compounding pool of trusted stablecoins like USDC, USDT, and PYUSD. By depositing stablecoins, users received USD*, which accrued swap fees and served as their base asset across the Perena ecosystem.
That was only the beginning. USD* has now evolved into something much more powerful: a composable, capital-efficient liquidity hub backed by a diversified portfolio of tokenized Treasuries, secured real-world credit, on-chain lending, and market-neutral strategies.
Liquid: Always redeemable for USDC (or other supported stables) with no lock-ups.
Automatic Yield: Income streams accrue in the token’s price—no staking or strategy selection.
Composable: Serves as a base asset for lending, liquidity routing, and structured products across Solana.
Instead of being tied to a single pool, USD* represents ownership of a diversified reserve that aggregates multiple sources of high quality yield into one simple token. This upgrade allows USD* to capture more yield, provide deeper liquidity, and serve as the connective tissue for Solana’s stablecoin economy.
For users, the experience is radically simplified:
Mint with USDC: You don’t need to juggle multiple stablecoins. Just deposit USDC and mint USD*.
Hold and earn: Yield accrues automatically in the token’s price. No staking, no compounding, no strategy selection.
Seamless exit: Redeem or swap USD* back into USDC (or other stablecoins) at any time.
For the ecosystem, USD* transforms from being just an LP token into a liquidity hub:
Idle liquidity in the system is efficiently recycled into yield-bearing positions.
Arbitrage ensures USD* trades in line with its net asset value, keeping it stable and efficient.
The token becomes a base layer that protocols can integrate directly — from lending and borrowing, to liquidity routing, to on-chain structured products.
By design, USD* abstracts away the complexity of stablecoin fragmentation. Its unified accounting system allocates capital across curated yield sources behind the scenes. As of September 2025, USD* yield is composed of Seed Pool swap fees and Drift lending yield. Over time, USD* will dynamically capture the best available market yields, while continuously onboarding new strategies to expand yield depth and strengthen the stablecoin liquidity ecosystem.
The result is a single, capital-efficient stablecoin layer that benefits everyone:
Users get a simple, “deposit and forget” stable savings product.
Protocols get a deep, composable liquidity primitive.
The ecosystem gets an expanding base of stable liquidity that compounds value back into Solana.
USD* is the foundation of a capital-efficient liquidity layer — stable, yield-bearing, and universally composable.
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