> ## Documentation Index > Fetch the complete documentation index at: https://docs.denar.markets/llms.txt > Use this file to discover all available pages before exploring further. # dUSD — the Denar dollar > dUSD is Denar's reserve-backed dollar: minted 1:1 against USDG, always redeemable, with the whole reserve's earnings paid to staked sdUSD. **Live since September 4, 2026, as a capped pilot.** The treasury mints up to 10,000 dUSD against USDG at 1:1 with no fee either way; mint, redeem and staking are open on the [dUSD page](https://www.denar.markets/dusd). Every parameter below is the deployed one, and the addresses are at the bottom of this page. The dUSD coin: an engraved d over USD, ringed by laurel dUSD is a dollar built the way Denar builds everything: the mechanics enforced by contracts, the risk stated out loud, and nothing promised that the reserve does not actually earn. The system is **two tokens with one job each**: | | dUSD | sdUSD | | ----------- | ------------------------------------- | --------------------------------------------- | | What it is | A plain, transferable dollar | A staking vault share (ERC-4626) | | Minted from | USDG, one for one | dUSD, at the vault's share price | | Pays yield? | **Never** — by design | **All of it** — the reserve's entire earnings | | Redeemable | 1:1 for USDG at the treasury, anytime | Unstake to dUSD anytime | | Rebases? | No | No — the share price rises instead | That split is the engine. Every dUSD minted at the treasury is matched by reserve dollars that earn — in tokenized T-bills, in Denar's own lending markets — and every dUSD the allocator lends out is matched by borrowers' collateral. But only holders who **opt in by staking** collect. The dollar stays boring and composable; the yield concentrates on sdUSD. **dUSD is not dnUSDG.** dnUSDG is the share token of the [USDG lending vault](/use/earn) — a claim on a loan book, whose value moves with borrower interest. dUSD is a dollar, pegged and redeemable at one USDG. The names are close because both are Denar-native; the instruments are not. ## Where the yield comes from The treasury holds the reserve in three places, each documented in [The reserve](/dusd/reserve): 1. **A liquid USDG buffer** — earns nothing, exists so redemptions never wait. 2. **The Denar USDG vault** — a Morpho Vault V2 that reaches the stock markets through dnUSDG and the isolated markets directly, and earns what borrowers pay in all of them. 3. **SGOV**, the tokenized 0–3 month US Treasury ETF on Robinhood Chain — earns the T-bill rate through the token's corporate-action multiplier, the same mechanism [the markets already handle](/protocol/corporate-actions). Earnings above the reserve's retained safety cushion are periodically *harvested*: minted as dUSD against the surplus that backs them and dripped to sdUSD stakers over seven days. The mechanics — and why the drip makes distributions impossible to snipe — are in [Staking](/dusd/staking). ## Why the dollar ships second dUSD is not late — it is downstream. sdUSD's yield **is** the lending markets' borrower interest (plus the T-bill sleeve), so launching the dollar before the markets have real borrowing demand would mean launching a staking rate with nothing behind it. The order is deliberate: 1. **The markets first** — live since August, operating in public: liquidations, corporate actions, monitoring. 2. **The dollar on top** — minted when its reserve has somewhere productive to work. Waiting is not idle, either: **[Denar Points](https://www.denar.markets/points) earned in the markets before launch carry priority access to dUSD's first minting window.** Lending and borrowing today is the queue. ## The design in five commitments 1. **One dollar in, one dollar out.** Mint and redemption are 1:1 against USDG at the treasury, not against a pool. The exit does not depend on market depth. 2. **The reserve is valued pessimistically.** A scheduled dividend is never counted before it is paid, and while any corporate action is scheduled or in progress the treasury neither buys, nor harvests, nor sells into it: it waits for the feed to catch up. 3. **Distribution comes after solvency.** A retained equity cushion — sized against the *risky* side of the reserve, not just liabilities — is never paid out, and no harvest is paid anywhere while the system as a whole is under-backed. 4. **Operations are bounded.** Reserve rotation is slippage-bounded against Chainlink and rate-limited by a rolling daily allowance; the redemption buffer has an enforced floor; once dUSD is outstanding, the price feed, the lending vault and new swap routes change only behind a one-day timelock. 5. **The staking vault can never be emptied or bricked.** The treasury opens sdUSD with a permanent seed nobody can withdraw, so a donation to an empty vault cannot lock the door and every staker can always exit in full; the seed's unrecoverable slice of any reward is capped at 5%. ## Status and roadmap | Milestone | Status | | ------------------------------------------------------------------------------------------ | ------------------------------------------------------------------------------------------ | | Contract suite (4 contracts, 108 tests including invariant fuzzing, plus a live-fork test) | Complete | | Adversarial review | Three internal multi-reviewer rounds complete, findings fixed | | Deployment on Robinhood Chain | **Live since September 4, 2026** — pilot cap of 10,000 dUSD | | Minting | Open within the pilot cap, no fee either way — [mint and redeem](/dusd/mint-and-redeem) | | Real borrowing demand in the markets (the yield source) | Seed phase — sdUSD pays out what the reserve and the markets actually earn, nothing before | | Direct lending line (the allocator's own mint cap) | Zero until dUSD markets exist | | Owner roles | Deployer key for the pilot; multisig behind a timelock next | ## Addresses Robinhood Chain (chain id 4663), deployed at block 54,516,394. | Contract | Address | | ------------------------ | ---------------------------------------------------------------------------------------------------------------------------------------- | | dUSD | [`0x836ec11815af3f36623584a3011A8C0Eb247742d`](https://robinhoodchain.blockscout.com/address/0x836ec11815af3f36623584a3011A8C0Eb247742d) | | sdUSD | [`0x8bE1885Cd4Fa182FD359D4EaaaB784361421ed1F`](https://robinhoodchain.blockscout.com/address/0x8bE1885Cd4Fa182FD359D4EaaaB784361421ed1F) | | Treasury (PSM + reserve) | [`0x2d58B7214710148859622625A0c7127A0Ca0Bf72`](https://robinhoodchain.blockscout.com/address/0x2d58B7214710148859622625A0c7127A0Ca0Bf72) | | Morpho allocator | [`0x24261B9C41B1Ae2F71D7BcB4CCdC7C806F49D5eF`](https://robinhoodchain.blockscout.com/address/0x24261B9C41B1Ae2F71D7BcB4CCdC7C806F49D5eF) | The reserve's other legs are existing contracts: USDG `0x5fc5…d168`, the [Denar USDG vault](/use/earn) `0x338b…918c` (a Morpho Vault V2 that reaches the stock markets through dnUSDG `0xF0E6…9050` and the isolated markets directly), SGOV `0x92FD…F9B5` and its Chainlink feed `0xa0DF…7A11`. Follow [@DenarMarkets](https://x.com/DenarMarkets) and the [changelog](/changelog) for what changes.