sUSDh
sUSDh is what you hold after you stake USDh. It lends to other governments, in dollars, and builds up rewards. The number of sUSDh you hold stays the same. What each one is worth in USDh goes up.
At a glance#
| Lent to | Other governments, in dollars |
|---|---|
| Rewards | Change over time, are not promised, and can be zero. The current rate is in the app |
| How rewards show | The sUSDh price rises. Your balance stays the same |
| Exit | Ask to unstake, wait 30 days, then claim your USDh with its rewards |
| Fee | None. You pay only the network fee |
| Run by | The staking protocol, not the USDh issuer |
| Network | Ethereum |
| Contract | 0x0a2F67c696B3845DaceEf73fa7982FEA77e678C2 |
How the price works#
- The sUSDh price is 1.00. You stake 1,000 USDh and get 1,000 sUSDh.
- Rewards build up and the price moves to 1.05.
- You still hold 1,000 sUSDh. It is now worth 1,050 USDh.
- Someone who stakes 1,000 USDh now gets about 952.38 sUSDh (1,000 ÷ 1.05). Same dollars in, fewer sUSDh, so nobody who came earlier is diluted.
The numbers are an example of how it works, not a forecast.
Who sets the reward rate#
sUSDh is run by the staking protocol, which is separate from the USDh issuer. The issuer only makes and gives back USDh. It has no role in sUSDh, its rewards or its price.
For now, Publius Foundation oversees the staking protocol. A protocol wallet that needs several signatures approves a yearly reward rate on the blockchain. Nobody types in a price: the contract works it out from that rate and the time passed, every second.
Limits written into the contract:
- The rate can’t go above a cap: 25% a year by default. Raising the cap takes 48 hours’ public notice, and it can never pass 100%.
- A rate can have an end date or a price cap. When either is reached, the price stops rising.
- The rate can be paused at any time. The price keeps what it has already built up.
- When the price stops rising, it does not catch up later.
Every rate decision is public. See Check it yourself.
What sUSDh is not#
sUSDh is not a deposit and not a promise of any return. Nobody owes you any rewards. The rate in the app is the rate approved today. It can change, and it can be zero. See Risks.