Yield from loans, not from a token
Apply for accessA stablecoin vault backed by a book of overcollateralised loans. Counterparties mint and redeem 1:1 against USDC; anyone can stake, and every line of the book is published.
Why Basalt
Stablecoin yield should come from somewhere you can see. Basalt pays what an overcollateralised loan book earns, marks it every business day, and publishes the book it comes from.
Built for:
Counterparties
To mint and redeem USDb 1:1 against USDC after KYB, within daily and per-order limits.
Holders
To stake USDb as sUSDb and earn the book’s income, net of a performance fee above the high-water mark.
Allocators
To hold a position whose every loan, wallet, signed report and contract address is public.
Your interface to overcollateralised credit
- Deposit USDb, withdraw through a queue with a stated notice period
- One view. Every position. Every line of the book.
Overcollateralised lending sUSDb
- TVL
- …
- Share price
- …
- APY 30D
- …
Share price
Holdings
- Loading…
Live figures from the protocol.
How it works
One path for every dollar
From USDC in to USDC out, each step is a contract call anyone can follow:
- Mints need an order signed by the desk and stay within block, daily and counterparty limits
- The share price only moves up with income, or down when a loss is recognised on chain
- Withdrawals wait a seven-day notice period and share any loss recognised during it
- Claims pay out even while the token is paused
Nothing leaves the queue early, and nobody can step ahead of a loss.
Controls you can check yourself
Who can change what is written into the contracts and published, not promised in a document.
“Every upgrade waits 48 hours in public”
Upgrades, limits and roles go through a timelock. Anyone can watch the queue; the guardian can cancel. Replacing the guardian takes fourteen days, longer than the withdrawal notice, so holders can leave first.
“The guardian can pause, and nothing else”
A separate Safe stops minting, deposits or transfers in an emergency. It cannot move funds, change a parameter or approve anyone. Lifting a pause on the token or the vault goes back through the timelock.
When the book is public, the yield explains itself
Basalt turns a lending book into figures anyone can recompute, every business day.
A signed report every business day
Assets, liabilities and coverage, signed and archived before the share price moves.
Every loan and wallet published
Each line of the book with its address or counterparty and how it is verified.
A withdrawal queue with a notice period
Your place, the countdown and what is liquid today, shown on your position.
Losses recognised on chain
Written down in the open and shared by everyone in the vault and the queue.
What backs sUSDb
One book. Published line by line. Marked every business day.
1:1
USDb minted and redeemed against USDC by approved counterparties
7 days
Notice period on withdrawals from the vault
09:00 CET
When the book is marked and the share price updated, every business day
Security reviewed before launch
Two independent audits, a public contest, an open bug bounty and a timed incident drill, before mainnet.
Every report will be published, including findings. Until then the contracts are tested to full branch coverage, fuzzed, run through two invariant fuzzers and static analysis, and the launch gate that checks all of it is public in the repository.
Build on the book.
Whether you mint USDb for your clients, hold sUSDb in treasury or allocate to it, access starts with a short application and KYB.
FAQ
Frequently asked questions
What is Basalt?
A stablecoin vault backed by overcollateralised credit. USDb is a dollar token minted and redeemed 1:1 against USDC; sUSDb is the vault that holds USDb and whose share price rises with the income of the loan book behind it. Basalt is a working name.
Who can mint and redeem USDb?
Counterparties that have passed KYB and whose wallet is approved in the public registry. Approvals are reviewed every twelve months. Anyone may hold USDb and deposit it in the vault.
Where does the yield come from?
Interest on overcollateralised loans and on-chain lending. The book is marked every business day at 09:00 CET in a signed report, and the vault’s share price rises with that income, net of a performance fee above the high-water mark.
How do withdrawals work?
You request a withdrawal and the value is set aside in a queue for a seven-day notice period. After it you claim USDb, and redeem it for USDC if you are an approved counterparty, or sell it.
What happens if a loan defaults?
The loss is recognised on chain and lowers the share price. Withdrawals still in their notice period share it pro rata, so nobody can leave ahead of a known loss.
Is it audited?
Not yet. Mainnet waits for two independent audits, a public contest, an open bug bounty and an incident drill. Every report will be published, including findings.