# USCC — Superstate > **Type:** Factsheet — Collateral Asset | **Squad:** Usual | **Status:** Draft | **Stream:** BD **Last updated:** 2026-02-16 *** ## Executive Summary USCC is a tokenized private fund that provides exposure to crypto cash-and-carry (basis) strategies across Bitcoin and Ether, including ETH staking on the spot leg, with the flexibility to hold US Treasury securities as part of the investment mandate. Shares are issued as USCC tokens on Ethereum, Solana, and Plume, or may be held in book-entry form. The fund is structured as a series of the Superstate Asset Trust, a bankruptcy-remote Delaware Statutory Trust, and is offered exclusively to Qualified Purchasers under Reg D 506(c). Within the Usual Protocol ecosystem, USCC constitutes approximately 90% of the underlying collateral for USD0a (Alpha USD0), the protocol's market-neutral enhanced-yield savings instrument. USCC is not a direct collateral asset for USD0. *** ## Key Facts | Parameter | Detail | | ----------------------- | --------------------------------------------------------------------------------------- | | **Full name** | Superstate Crypto Carry Fund | | **Token / Ticker** | USCC | | **Legal structure** | Series of Superstate Asset Trust (Delaware Statutory Trust, bankruptcy-remote) | | **Fund exemption** | Private fund exempt under Section 3(c)(7); offered under Reg D 506(c) | | **Eligibility** | Qualified Purchasers only; on-chain transfers restricted to allowlisted wallets | | **Base currency** | USD | | **Chains** | Ethereum, Solana, Plume; or book-entry | | **Valuation** | NAV per share (NAV/S) calculated once per market day; initial NAV/S $10.00 (6 decimals) | | **Market day** | Each day both NYSE and FRB Philadelphia are open | | **Usual Protocol role** | \~90% of USD0a collateral composition (not USD0 collateral) | *** ## Investment Mandate & Portfolio * **Strategy:** Optimize crypto basis (spot vs. CME-listed dated futures on the same underlying), ETH staking, and US Treasury securities to deliver cash-rate-linked, market-neutral returns. * **Accrual model:** Static token amount; NAV/S increases over time as income accrues (analogous to wstETH mechanics). * **Underlyings:** Bitcoin (spot + futures), Ether (spot + futures + staking), US Treasury securities. * **Key characteristic:** Market-neutral. The long-spot / short-futures construction minimizes directional exposure to BTC and ETH price movements. Yield is driven by structural convergence of dated futures prices toward spot at maturity. *** ## Subscriptions / Redemptions (Primary) ### Purchasing USCC | Parameter | Detail | | ------------------- | ----------------------------------------------------------------- | | **Payment methods** | USD (wire), USDC (Ethereum), USDC (Solana) | | **Cut-off** | 4:59 PM ET | | **Pricing** | Closing NAV/S of the market day funds are received | | **Settlement** | T+1 (if received before cut-off); T+2 (if received after cut-off) | | **Minimum** | $100,000 initial (may be waived) | ### Redeeming USCC | Parameter | Detail | | -------------- | ------------------------------------------------------------------------ | | **Method** | Send tokens to redemption address or call `offchainRedeem()` on Ethereum | | **Payout** | USD (bank), USDC (Ethereum), USDC (Solana) | | **Pricing** | Closing NAV/S of the market day (if requested before 4:59 PM ET) | | **Settlement** | T+1 | | **Minimum** | No minimum | *** ## Fees | Fee type | Amount | | ----------------------------- | ------------------------------------------------ | | Management fee | 0.75% (accrues daily, reflected in NAV) | | Fee waiver | Fee + expenses waived until AUM exceeds $50M | | Operating expenses | Custody, administration, audit -- accrued in NAV | | Subscription / Redemption fee | None | *** ## Addresses & Oracles **Ethereum mainnet:** ``` USCC Token Proxy............... 0x14d60e7fdc0d71d8611742720e4c50e7a974020c Chainlink USCC Oracle.......... 0xAfFd8F5578E8590665de561bdE9E7BAdb99300d9 AllowlistV3 Proxy.............. 0x02f1fa8b196d21c7b733eb2700b825611d8a38e5 ``` **Solana (SPL 2022):** ``` USCC Token (Mainnet)........... BTRR3sj1Bn2ZjuemgbeQ6SCtf84iXS81CS7UDTSxUCaK Pyth USCC Oracle............... 823Y4cV7XH2TzkB9NdHfTRoCKLrqXv8EgQP5nzEG43Hp ``` *** ## Key Risks (Summary) * **Basis / strategy risk:** The crypto basis can widen temporarily, producing mark-to-market drawdowns until convergence or roll. Even with delta-neutral construction, basis dislocations in stressed markets can force early unwinds and crystallize losses. * **Liquidity / operational risk:** Primary flows depend on banking rails, USDC processing, and on-chain operations. Redemptions settle T+1. * **Eligibility / transfer risk:** Access restricted to Qualified Purchasers. On-chain transfers limited to allowlisted addresses. * **Counterparty / venue risk:** Reliance on Anchorage (custody), CME-affiliated trading venues (futures margin), Circle (USDC flow), and clearing/settlement infrastructure. * **Forced unwind risk (USD0a context):** Large USD0a redemptions can force early unwind or roll of the carry trade, potentially crystallizing losses or forfeiting expected carry. *** ## Quick Links * USCC -- Overview: * Income, Fees & Yield: * Purchasing USCC: * Redeeming USCC: * Smart Contracts: * Security: *** ## Disclaimer This factsheet is informational and does not constitute investment advice or an offer/solicitation. USCC is available only to Qualified Purchasers who complete onboarding and meet all eligibility requirements. 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