# USD\*

### **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.
