USD0 Alpha

USD0a is the enhanced-yield mode of USD0.

It is built on a market-neutral basis strategy using CME-listed dated futures, not perp funding or directional crypto exposure.

Users mint USD0a with USD0 or USDC, and its value grows through an increasing exchangeRate, enabling redemptions back into USDC at higher amounts over time. The product is fully on-chain, permissionless, and designed as a transparent, composable USD savings instrument.

USD0a offers market-neutral carry, primarily driven by the convergence of dated futures toward spot into maturity.

Key Facts

• Collateral:

  • 90% USCC — regulated basis-carry fund (long spot, short CME futures)

  • 10% USTB + USDC — T-bills + cash-equivalents for liquidity

• Design: Non-rebasing, exchange-rate-accrual

• Access: Permissionless; no KYC/KYB requirement

• Yield Source: CME BTC/ETH basis + T-Bills

• Value growth: ExchangeRate(t) ≥ 1

• Redemption: USD0a → USD0 × exchangeRate(t)

• Redemption cycle: Up to 7 days (with 10% instant buffer)

How It Works

1. Convert USDC/0 to USD0a. Funds are allocated to USCC & USTB (Superstate) + USDC buffer.

2. Receive instantly USD0a, representing a proportional claim on these reserves.

3. Accrue yield as exchangeRate increases with NAV growth.

4. Redeem at any time to receive USDC plus accrued yield.

This provides a transparent, on-chain, market-neutral USD savings instrument.

Benefits

• Predictable carry: Driven by dated-futures convergence, not volatile perp funding rates.

• Market-neutral: Long/short construction minimizes directional exposure.

• Value-accruing: Growth is fully transparent through the rising exchangeRate.

• Permissionless: Open minting and redemption

• Stable collateral: Backed by short-duration U.S. Treasury Bills and MMFs.

• DeFi-compatible: Non-rebasing model simplifies integrations.

Feature	USD0	USD0a
Purpose	Settlement Asset	Enhanced-yield mode
Value	Pegged 1:1	Grows via exchangeRate
Access	Free mint / redemption	Mint via USDC vault
Yield Source	T-Bills / MMF’s	CME basis carry + T-Bills
Design	Stablecoin	Market-neutral, value-accruing

Summary

USD0a provides enhanced USD-denominated yield via a market-neutral basis strategy built on regulated CME futures, combined with U.S. money-market exposure.

It extends USD0 into a predictable, transparent, and permissionless enhanced-yield savings instrument.