SCUSD, issued by the Rings Protocol (Trevee) smart contracts under the governance of veNFT tokenholders, is a tokenized yield-strategy fund interest that represents deposited U.S. dollar (USD) stablecoins routed into curated DeFi yield strategies [S1][S2].

Each SCUSD is minted 1:1 against deposited stablecoins such as USD Coin (USDC), Tether (USDT), and Dai (DAI), with collateral sent to a Veda-operated BoringVault on Ethereum mainnet that farms yield through Aave, Convex, and Morpho and assets including crvUSD and sDAI [S1][S3][S2]. Collateral yield is auto-compounded and, once per epoch, swapped to mint new sc-tokens routed to a veNFT gauge system rather than paid directly to holders; direct yield requires separately staking into a Sonic vault for stkscUSD [S2][S4]. Minting is fee-free [S3][S5].

The protocol operates under the Rings Protocol / Trevee brand as an onchain protocol issued through smart contracts and is not issued by a single corporate entity [S1][S6]. An SCUSD is functionally an onchain claim minted 1:1 against deposited collateral held in Veda BoringVault smart contracts and redeemable 1:1 for the underlying asset [S3][S5][S2]. Participation is permissionless onchain deposit and minting [S3][S5]. Redemptions are processed at a 1:1 ratio through per-asset onchain withdraw-queue contracts via the app's Redeem tab; staked positions carry a 5-day unstaking delay [S3][S6][S1]. Tokenholder protection rests on smart-contract design and audits by Spearbit, 0xMacro, and OpenZeppelin [S1][S2].

SCUSD is an ERC-20-style onchain token, with staked-yield wrappers using the ERC-4626 standard, supported on Sonic and Ethereum mainnet [S7][S1][S3]. Deposits mint 1:1; tokens minted on Ethereum bridge to Sonic via the Sonic Gateway to the same address, while tokens minted on Sonic are available immediately [S3][S2]. Tokens track fixed 1:1 backing rather than a fluctuating NAV [S3][S2].

<Sources
  retrievedAt="2026-06-22"
  items={[
    { id: "S1", url: "https://docs.rings.money/" },
    { id: "S2", url: "https://docs.rings.money/overview/veda-vaults/collateral-vault-ethereum" },
    { id: "S3", url: "https://docs.rings.money/tutorials/minting" },
    { id: "S4", url: "https://docs.rings.money/overview/veda-vaults/staking-vault-sonic" },
    { id: "S5", url: "https://docs.rings.money/tutorials/introduction" },
    { id: "S6", url: "https://docs.rings.money/developers/smart-contracts" },
    { id: "S7", url: "https://docs.rings.money/developers/staked-scassets-and-yield-distribution" },
  ]}
/>


Tokenized funds

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Trevee

Rings scUSD (SCUSD) is a tokenized fund share issued by Trevee.

SCUSD has been issued on public blockchains since December 2024 and is native to Ethereum and Sonic.

Rings scUSDSCUSD

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