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
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
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
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
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:
Solana (SPL 2022):
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: https://docs.superstate.com/superstate-funds/uscc
Income, Fees & Yield: https://docs.superstate.com/superstate-funds/uscc/income-fees-and-yield
Purchasing USCC: https://docs.superstate.com/superstate-funds/uscc/purchasing-uscc
Redeeming USCC: https://docs.superstate.com/superstate-funds/uscc/redeeming-uscc
Smart Contracts: https://docs.superstate.com/introduction-to-superstate/smart-contracts
Security: https://docs.superstate.com/introduction-to-superstate/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. Always rely on the Offering Documents and the Investor Portal as the source of truth.
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